The digital asset treasury company backed by Winklevoss Capital seeks to capture 5% of the total supply of the privacy-focused cryptocurrency.
Nasdaq-listed Cypherpunk Technologies has expanded its crypto corporate treasury with a purchase of Zcash tokens for about $29 million.
According to Tuesday’s announcement, the company bought 56,418 Zcash (ZEC) paying an average price of $514 per token. The purchase brings Cypherpunk’s total holdings to 290,062.67 ZEC, or about 1.76% of the token’s circulating supply.
Zcash, launched in 2016 as a Bitcoin fork, is a privacy-focused blockchain that uses zero-knowledge proofs to verify transactions without revealing the sender, recipient or transaction amount. Like Bitcoin, its native token has a 21 million cap.
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