- A few months after making its original investment, Cypherpunk Holdings bought an additional 23,000 solana tokens, bringing its total value to 86,294 SOL worth $21.6 million.
- The publicly listed investment company also sold off all of its shares in Animoca Brands and all but 52 BTC.
- For the Toronto-based company, the move signifies a major strategy shift.
According to its most recent public filing, Cypherpunk Holdings, an investment business situated in Toronto, Canada, has boosted its exposure to Solana SOL -2.76% once more. The company has acquired over 23,000 more SOL since mid-July, raising its total to 86,294 tokens ($21.6 million).
Cypherpunk has 10xed its SOL bag from its original investment of 6,131 tokens to 63,000 tokens (worth $14 million at the time). It held no SOL as recently as the end of the first quarter of 2024.
The action is a part of the company’s major focus shift; it was among the first publicly traded companies to purchase bitcoin as a stand-in for cryptocurrency investments.
Additionally, Cypherpunk cut its once-significant bitcoin holdings by roughly 110 BTC, leaving them with just over 52 bitcoin ($5.2 million) at this time. According to its public filing, it used roughly 45 of those bitcoin to exercise a buy order for 20,000 SOL options and sold the remaining amounts for a profit. In 2018, the company bought its first bitcoin.
Early in July, Leah Wald, the company’s new CEO, said that bitcoin constituted “by far” its largest asset. Not too long after came a multi-million dollar investment in the metaverse startup Animoca Brands. Now, though, it seems the company is going in a new direction, selling off its $5.6 million worth of Animoca shares and cutting back on its exposure to bitcoin.
It’s evident that Cypherpunk is putting more effort into the incredibly powerful smart contract blockchain, even though the nominal value of its bitcoin investment is more than twice that of its solana stake. Since starting that procedure on June 14, its Solana validator, which bets the bulk of the company’s solana, has earned over 230 SOL valued at token payouts of around $57,639 in value.
The Solana ecosystem offers a plethora of intriguing prospects, as Wald recently stated. Right now, there’s a lot of community engagement on the chain, and I think that developer and community participation has a direct impact on a blockchain’s growth.
Apart from $4.9 million in cash, Cypherpunk also owns $50,000 in other assets, such as Chia Network, and $442,000 in venture capital and private equity investments in businesses, such as NGRAVE, a bitcoin wallet company.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
