Cypherpunk Holdings now holds the number 9 spot as one of the biggest public holders of Bitcoin. This comes after a net increase of 72.979 BTC since June 30 bringing its total Bitcoin holdings to BTC 276.479.
Cypherpunk Holdings is listed on the Canadian Securities Exchange (CSE) under the ticker HODL. It was founded by Moe Adham in 1995. It has a total market cap of CAD 5.895M.
On April 30, 2019, Cypherpunk Holdings announced its first purchase of 100 bitcoin. In a statement regarding the purchase, Dominic Frisby, former Cypherpunk CEO said:
“We put off our first bitcoin purchase for many months last year due to bear market conditions. However, over the past seven weeks, we began slowly accumulating, using a dollar-cost averaging strategy. The initial aim was to make sure operations (purchase, storage, and so on) were functioning properly. Once we were satisfied they were, our goal was to reach an initial core position of 100 BTC, which we have now achieved. We will be purchasing more bitcoins and, especially, privacy coins in due course.”
More than a year after the company’s initial BTC purchase, it has now become the 9th largest public BTC holder. Cypherpunk funded the acquisition by selling its XMR (Monero) and ETH (Ethereum) holdings as well as through partial proceeds from a private allocation of CAD 505,000, or $ 388,000, gained on August 27.
In addition to cryptocurrencies, Cypherpunk also owns Wasabi Wallet and Samourai Wallet. The company also hold investments for Hydro66 and Chia project.
Grayscale Investments remains to be on top of the list with total BTC holdings of 449,596 BTC equivalent to 2.14% of bitcoin’s total supply.
Microstrategy made headlines with its acquisition of $425 million worth of bitcoin between August to September. Bitcoin is now the company’s main asset. The BTC holdings of the company correspond to 0.18% of the total bitcoin supply. It was also reported that CEO Michael Saylor personally owns $240 million worth of bitcoins which he bought with an average of $9,882 each.
Global companies converting their cash assets to bitcoin is fast becoming a trend. Bitcoin is now being adopted as a hedge against dollar inflation. The digital asset is now eyed as the newest safe-haven asset. Will this trend fuel the expected bitcoin bull run this year? On Nov. 24, the digital currency set a new all-time high at $19000 before going to a plunge this week. As of writing, bitcoin is now at $16,756.25 and has hardly recovered from its latest dip.