Cypherpunk Holdings (CSE:HODL), a privacy-focused Canadian investment company, has increased its stake in Bitcoin (BTC).
It has been reported that the company revealed that it has added 72.979 BTC to its reserves since June 30, 2020.
However, Cypherpunk funded the acquisition by liquidating its holdings of Monero (XMR) and Ethereum (ETH), as well as through partial proceeds from a private placement of CA$505,000, or $388,000, closed on August 27.
The report said that with the purchase, Cypherpunk has 276.479 BTC in its reserves by making it the ninth-largest public Bitcoin holder.
Cypherpunk Holdings, which trades on the Canadian Securities Exchange, has several privacy-focused businesses on its books, including Wasabi Wallet and Samourai Wallet. The company also invests in Hydro66, a green cloud infrastructure platform, and smart contract protocol Chia Network.
Investment company Cypherpunk Holdings is the latest to go big on #Bitcoin. Since June, it has added 73 BTC to its balance sheet by selling all its Ethereum and Monero holdings. https://t.co/8v4j72Q5dV — Cointelegraph (@Cointelegraph) November 28, 2020
Likewise, the company is run by Antanas Guoga, or Tony G, a Lithuanian businessman, politician, and former professional poker player. He now serves as an elected member of the Seimas, the legislative branch of the Lithuanian government.
Previously, he served as a member of the European Parliament for Lithuania. It appears that more public companies are converting their cash holdings into Bitcoin as a more suitable store of value. MicroStrategy, which has converted most of its cash holdings into Bitcoin, is the most prominent example of this trend.
Thus, the company now sits on 38,250 BTC after nearly doubling its holdings over the summer.