Cypherpunk Holdings Doubles Its SOL Reserves
According to the latest data, Cypherpunk Holdings now holds approximately $21.6 million worth of Solana (SOL).
Cypherpunk Holdings Doubles Its SOL Reserves. Source: Coins.ph
Toronto-based investment firm Cypherpunk Holdings continues to show strong confidence in Solana. Since mid-July, the company has acquired an additional 23,000 SOL, bringing its total holdings to 86,294 tokens, roughly valued at $21.6 million.
Yesterday, Cypherpunk Holdings Inc. announced its latest corporate update on its investment and staking activities. Read the full announcement here: https://t.co/pdH0GB7qeJ
— Cypherpunk Holdings ($HODL) (@CypherpunkHODL) August 1, 2024
As of the end of Q1 2024, Cypherpunk did not hold any SOL tokens. However, the company made a significant investment of over $14 million in late June and early July.
Alongside its investment in SOL, Cypherpunk reduced its Bitcoin reserves by half, from 110 BTC to just 52 BTC (worth $5.2 million). About 45 BTC of this were used to acquire 20,000 SOL options, with the remainder sold to secure profits.
Since Leah Wald took over as CEO at the beginning of July, she has stated:
“Bitcoin remains the company’s largest investment. Our multimillion-dollar investment in metaverse company Animoca Brands is also significant. However, the company may shift direction by reducing Bitcoin exposure and selling off $5.6 million worth of Animoca shares.”
It’s known that Cypherpunk has sold nearly $1 million worth of Animoca Brands stock but remains the second-largest shareholder in the company.
While the nominal value of Bitcoin holdings still exceeds that of Solana by a factor of two, the company is clearly rebalancing its portfolio towards the Solana blockchain. Not only has Cypherpunk gone all-in on SOL, but the firm has also been operating a node in the Solana ecosystem since June 14. Cypherpunk’s validator has earned over 230 SOL in rewards since its launch.
Cypherpunk first invested in Bitcoin in 2018 and was once the ninth-largest public Bitcoin holder at the time. Currently, besides $4.9 million in cash, Cypherpunk holds $50,000 in other assets like Chia Network and $442,000 in private equity and venture capital investments in companies such as Bitcoin wallet provider NGRAVE.
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