Cypherpunk Technologies (CYPH), a digital asset treasury company backed by the Winklevoss twins, said it purchased $28 million worth of zcash privacy coins. bringing its overall assets to 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 now holds approximately 1.76% of the circulating supply of zcash.
The company’s average cost is $334.41, making it one of the few digital asset treasury companies to be in the black following a broad crypto market correction since October. ZEC has bucked this trend and is up over 1,200% since September amid a positive shift in investor sentiment towards privacy coins.
“We continue to achieve our goal of accumulating 5% of the Zcash network,” Will McEvoy, chief investment officer, said in the release, adding that the company is “well positioned for a market that is reevaluating the societal importance of privacy.”
Cypherpunk’s latest move follows an $18 million zcash purchase revealed in November.
CYPH shares, which rose 11% to $1.31 on Tuesday, were recently down about 1.5% in premarket trading.
