Cypherpunk Technologies (CYPH), a digital asset finance company backed by the Winklevoss twins, said it purchased $28 million worth of privacy coin zcash bringing its total holdings 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 currently holds approximately 1.76% of zcash’s circulating supply.
The company’s average cost was $334.41, making it one of the very few digital asset finance companies to post a profit after the cryptocurrency market’s broad correction since October. ZEC has bucked the trend, rising more than 1,200% since September as investor sentiment toward the privacy coin shifted positively.
“We continue to execute on our goal of amassing 5% of the Zcash network,” Chief Investment Officer Will McEvoy said in a statement, adding that the company is “well-positioned in markets that are repricing the social importance of privacy.”
Cypherpunk’s latest move follows the $18 million zcash acquisition revealed in November.
CYPH shares rose 11% to $1.31 on Tuesday and were recently down about 1.5% in premarket trading.