Canada-Listed Investment Firm Sells All Its Ether, Monero to Buy More Bitcoin

Cypherpunk Holdings says it financed additional bitcoin purchases with the "full liquidation" of positions in monero and ether.

Nov 27, 2020 at 2:07 p.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC

Canada-based investment firm Cypherpunk Holdings has dumped its holdings of two alternative cryptocurrencies and put the proceeds into bitcoin.

In an announcement Thursday, the company said its bitcoin holdings have increased to 276.479 BTC from the balance of 72.979 BTC seen at the end of the second quarter, a 279% increase.

The company financed the additional bitcoin purchases with the "full liquidation" of positions in privacy-focused cryptocurrency monero and ether, the native cryptocurrency of the Ethereum network. Part of the proceeds generated from a private placement of CA$505,000 (nearly US$400,000) closed on Aug. 27 were also used to purchase bitcoin.

Other prominent publicly-traded companies such as MicroStrategy [NASDAQ: MSTR] and Square [NYSE: SQ] have diversified into bitcoin this year, validating, many say, the cryptocurrency's utility as an inflation hedge and a reserve asset.

Cypherpunk is listed on the Canadian Securities Exchange under the ticker "HODL."

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown