Cypherpunk Technologies (CYPH), a digital asset treasury firm supported by the Winklevoss twins, announced it acquired $28 million in privacy coin zcash , increasing its total holdings to 290,062 ZEC ($152 million).
The Nasdaq-listed company released a statement on Tuesday highlighting that it purchased 56,418 tokens at an average price of $514.02 each, now holding approximately 1.76% of zcash’s circulating supply.
With a cost average of $334.41, the firm stands as one of the few digital asset treasury companies operating profitably since the broad crypto market correction began in October. ZEC has defied this trend, surging over 1,200% since September amid a favorable shift in investor sentiment regarding privacy coins.
“We are committed to our objective of acquiring 5% of the Zcash network,” said chief investment officer Will McEvoy in the statement, emphasizing that the company is “well positioned for a market that is reassessing the societal significance of privacy.”
Cypherpunk’s recent purchase follows an earlier $18 million zcash acquisition announced in November.
CYPH shares experienced an increase of 11% to $1.31 on Tuesday, although they were recently down about 1.5% in pre-market trading.
