Winklevoss twins-backed Cypherpunk holds 1.7% of supply after $28 million buy

Cypherpunk Technologies (CYPH), a digital asset treasury firm backed by the Winklevoss twins, said it bought $28 million worth of privacy coin zcash ZEC$525.88, taking its overall holdings to 290,062 ZEC ($152 million).

The Nasdaq-listed company said in a Tuesday press release that it purchased 56,418 tokens at an average price of $514.02 per token, and now holds roughly 1.76% of zcash’s circulating supply.

The firm’s cost average is $334.41, making it one of very few digital asset treasury companies that are in the black following a broad crypto market correction since October. ZEC has bucked that trend, and has risen 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 the statement, adding that the company is “well positioned for a market that is repricing the societal importance of privacy.”

Cypherpunk’s latest move follows a $18 million zcash purchase disclosed in November.

CYPH shares, which rose 11% to $1.31 on Tuesday, were recently about 1.5% lower in pre-market trading.