Canada-based investment firm Cypherpunk Holdings (CSE: HODL) has sold off its entire ethereum and monero position in order to buy more bitcoin.
In an announcement made November 26, the Canadian Securities Exchange (CSE)-listed firm updated clients on its bitcoin holdings. According to the release, the firm had increased its bitcoin holdings by 270 percent to 276.479 BTC ($4.7 million), up from 72.979 BTC ($1.23 million) at the end of the second quarter.
The firm claimed to have sold the entirety of its position in the altcoins monero and ethereum, in addition to the use of private placements funds.
The report reads,
The increase in Bitcoin holdings is a result of the full liquidation of positions in Monero (XMR) and Ethereum (ETH), as well as the partial use of proceeds from a private placement of $505,000 CAD that closed on August 27th, 2020.
Cypherpunk said it has been added to the unofficial list of public companies with a treasury position in bitcoin, alongside Michael Saylor’s MicroStrategy Inc., Mike Novogratz’s Galaxy Digital Holdings and Square Inc.
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