- Winklevoss-backed Cypherpunk has increased its Zcash investment to 290,062.67 ZEC.
- Along the way, Bitwise has filed for 11 new crypto ETFs, including one that provides exposure to ZEC.
Nasdaq-listed Cypherpunk Technologies (CYPH), a company dedicated to privacy and self-sovereignty, has doubled down on its investment in Zcash (ZEC), a privacy-focused cryptocurrency. The publicly traded firm backed by Gemini co-founder Tyler Winklevoss announced on Tuesday its acquisition of 56,418.09 ZEC for around $29 million.
The transaction averaged at $514.02 per ZEC. The company didn’t specify the exact dates of its most recent purchases, but the token notably traded from a $403 low to a $553 high over the last seven days.
Cypherpunk’s Zcash Investment
Cypherpunk stated that the latest acquisition follows its series of strategic purchases over the past couple of months. This has resulted in the business increasing its total holdings to 290,062.67 ZEC, making it the world’s largest public digital asset treasury (DAT) company in terms of Zcash portfolio.
The Winklevoss-backed firm has already allocated approximately $97 million for its Zcash accumulation. The figures translate to a cumulative average purchase price of $334.41 per ZEC.
Will McEvoy, CIO of Cypherpunk, highlighted that the company will continue buying ZEC until it has locked up 5% of all Zcash tokens in the market. To date, it has 1.76% of the asset’s circulating supply.
Zcash follows Bitcoin’s (BTC) Proof-of-Work (PoW) framework, with the same 21 million hard cap. Unlike the premier crypto asset, ZEC places greater emphasis on privacy, integrating zero-knowledge (ZK) proofs into its model.
“As our Zcash position grows, we are well positioned for a market that is repricing the societal importance of privacy,” said McEnvoy. “We are excited to continue executing on our Zcash strategy while expanding our work across a broader set of privacy-preserving technologies and initiatives.”
Zcash traded between a $501.67 high and a $501.67 low in the last 24 hours heading into Wednesday afternoon.
Bitwise Doubles Down on Zcash
Bitwise is also one of the biggest believers in the potential of Zcash in the future of finance. This was very evident in its recent spot crypto exchange-traded fund (ETF) filing at the US Securities and Exchange Commission (SEC).
The third-largest issuer of spot Bitcoin ETFs in the US, with around $2.1 billion in assets under management in the BTC-based exchange-traded product, plans to invest 60% of the proposed Zcash investment instrument’s funds in ZEC. Joining its proposed Zcash ETF were 11 others, including those that provide investors with exposure to Tron, Aave, Ethena, Hyperliquid, and Bittensor.
