Cypherpunk Technologies (CYPH), a digital asset treasury company backed by Gemini founders Cameron and Tyler Winklevoss, said it has added $18 million worth of Zcash. on its balance sheet.
The company revealed that it purchased 29,869 tokens at an average price of $602.63, bringing its total holding to 233,644 ZEC, currently worth around $150 million. The purchase follows the company’s initial $50 million investment. Together, the company now controls approximately 1.43% of the total circulating supply of Zcash.
Cypherpunk has positioned itself as a digital asset treasury company focused on what it calls the “censorship-resistant” asset at a time when investor interest in privacy coins appears to be reigniting. Zcash is a privacy-focused cryptocurrency that uses zero-knowledge proofs to protect transaction details.
ZEC surged more than 10% in the past 24 hours to $640, outpacing the 1% decline in market benchmark CoinDesk 5. With the latest gains, the token has rallied 140% over the past month, while most of the crypto market as a whole has suffered declines.
After Zcash’s rally, the company has around 120% paper gains, with an average cost of $291 per token.
