- Cypherpunk Holdings (HODL) has provided updates on its cryptocurrency holdings and corporate strategy
- The company has sold 205.8209 ETH for proceeds of $293k and 214.7203 BTC for $6,086,283
- The company currently has $18.16M in cash on hand
- Cypherpunk’s strategy is to make targeted investments in businesses and assets within the blockchain ecosystem, including select cryptocurrencies
- Cypherpunk Holdings Inc. (HODL) opened trading at C$0.07
Cypherpunk Holdings (HODL) has provided updates on its cryptocurrency holdings and corporate strategy.
Moe Adham, CIO of Cypherpunk Holdings commented on the volatile cryptocurrency market and its impact on Cypherpunk’s operations.
“Crypto markets remain in a deep risk off environment. There remains risk of further significant drawdowns in asset prices across the crypto sector. In the interest of all shareholders, the company transitioned its treasury to cash. This transition prepares our business to take advantage of investment opportunities we believe will become available after a substantial recapitalization of certain projects.”
The company has sold 205.8209 ETH for proceeds of $293k and 214.7203 BTC for $6,086,283.
Proceeds from the sale of cryptocurrencies totalled $6,378,787.
The company currently has $18.16M in cash on hand. An additional $1.93M is allocated to structured products with a 30 days redemption notice.
Jeff Gao, the CEO and President of Cypherpunk Holdings, added,
“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody. We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion. On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases. Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present.”
Cypherpunk was established to invest in currencies, companies, technologies and protocols, which enhance or protect privacy. Its strategy is to make targeted investments in businesses and assets with strong privacy attributes, often within the blockchain ecosystem, including select cryptocurrencies.
Current equity investments include Samourai Wallet, Wasabi Wallet, Chia NGRAVE and GOAT.
Cypherpunk Holdings Inc. (HODL) opened trading at C$0.07.
