Cypherpunk Technologies (CYPH), a digital asset treasury firm backed by the Winklevoss twins, announced it has purchased $28 million worth of privacy coin zcash. ZEC$524.39The total assets held were 290,062 ZEC ($152 million).
The Nasdaq-listed company said in a press release on Tuesday that it purchased 56,418 tokens at an average price of $514.02 per token and currently holds approximately 1.76% of Zcash’s circulating supply.
The company’s average cost is $334.41, making it one of the few digital asset treasury companies to be profitable following the massive correction in the crypto market since October. ZEC has bucked that trend, rising more than 1,200% since September amid a positive shift in investor sentiment around privacy coins.
“We continue to execute on our goal of accumulating 5% of the Zcash network,” chief investment officer Will McEvoy said in a statement, adding that the company is “well positioned in a market where privacy is once again becoming a societal priority.”
Cypherpunk’s latest move follows its $18 million acquisition of Zcash, which was revealed in November.
CYPH stock rose 11% to $1.31 on Tuesday, but was down about 1.5% in recent premarket trading.