Toronto-based investment firm Cypherpunk Holdings has once again increased its exposure. Solana brush
-12.11%
According to the latest Public disclosureSince mid-July, the company has purchased approximately 23,000 additional SOL, bringing the total to 86,294 tokens (valued at $21.6 million).
Last month, The Block first reported that Cypherpunk had grown tenfold. From an initial investment of 6,131 tokens, the SOL backlog was increased to 63,000 tokens (valued at $14 million at the time).There was no SOL until the end of Q1 2024.
The move is part of a major shift in focus for the company, which was one of the first publicly traded companies to buy bitcoin as a proxy for cryptocurrency investment.
Cypherpunk also reduced his once-significant Bitcoin holdings to around 110 BTC, and now holds 52 BTC (worth $5.2 million). Cypherpunk reportedly used around 45 of those BTC to execute 20,000 SOL option buy orders, and sold the rest for a profit. Public disclosureThe company first purchased Bitcoin in 2018.
Leah Wald took office as CEO In early July, she told The Block that Bitcoin was “by far” the company’s largest holding, following a multi-million dollar investment in metaverse company Animoca Brands. But now, the company appears to be taking a different tack, reducing its Bitcoin exposure and selling $5.6 million worth of Animoca stock.
While Cypherpunk’s Bitcoin investment is more than double the value of its Solana stake, it’s clear that the company is doubling down on the high-performance smart contract blockchain. The company’s Solana validators, who stake most of their Solana stake, have earned over 230 SOL in token rewards, worth about $57,639, since they began the process on June 14.
“The Solana ecosystem presents a lot of interesting opportunities,” Wald previously told The Block. “There’s a lot of community activity on the chain right now, and I think the growth of blockchain can be directly tied to community and developer activity.”
In addition to the $4.9 million in cash, Cypherpunk also has $50,000 in other assets, such as the Chia Network, and $442,000 in private equity and venture capital investments in companies, including Bitcoin wallet company NGRAVE.
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