Winklevoss-backed Cypherpunk buys $28 million of zcash, now owns 1.7% of supply

Core Viewpoint - Cypherpunk Technologies has significantly increased its investment in privacy coin zcash, reflecting a strategic focus on accumulating a substantial share of the network amid a positive market sentiment for privacy-focused digital assets [1][2][3] Company Summary - Cypherpunk Technologies purchased $28 million worth of zcash (ZEC), raising its total holdings to 290,062 ZEC, valued at approximately $152 million [1] - The firm now holds about 1.76% of zcash's circulating supply after acquiring 56,418 tokens at an average price of $514.02 each [1] - The company's average cost per ZEC is $334.41, positioning it as one of the few digital asset treasury firms that remain profitable following a broader market correction [2] Industry Summary - Zcash has experienced a remarkable price increase of over 1,200% since September, driven by a shift in investor sentiment towards privacy coins [2] - Cypherpunk aims to accumulate 5% of the Zcash network, indicating a long-term commitment to the asset and its perceived societal importance [3] - Following the latest purchase, Cypherpunk's shares rose by 11% to $1.31, although they were down approximately 1.5% in pre-market trading [3]