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Nasdaq-listed Cypherpunk Technologies has expanded its corporate crypto treasury with a significant Zcash acquisition.
The company confirmed it purchased Zcash tokens worth approximately $29 million.
Cypherpunk acquired a total of 56,418 ZEC during the transaction.
The average purchase price was reported at $514 per token.
Following the deal, Cypherpunk now holds 290,062.67 ZEC.
The holding represents around 1.76% of Zcash’s circulating supply.
Cypherpunk said the purchase aligns with its long-term treasury strategy.
The company aims to eventually control 5% of Zcash’s total supply.
Zcash is a privacy-focused blockchain launched in 2016.
The network uses zero-knowledge proofs to conceal transaction details.
Zcash shares Bitcoin’s capped supply of 21 million tokens.
Cypherpunk chief investment officer Will McEvoy said the firm is positioning for a shift in market priorities.
We are well positioned for a market that is repricing the societal importance of privacy.
Will McEvoy said.
The company was previously known as Leap Therapeutics.
It rebranded as Cypherpunk Technologies in November.
The rebrand marked a strategic shift toward digital asset treasuries.
Since the rebrand, Cypherpunk shares have surged nearly 170%.
The stock rose from about $0.44 to roughly $1.18.
Cypherpunk is backed by Winklevoss Capital.
The venture firm is led by Gemini founders Tyler and Cameron Winklevoss.
Zcash has significantly outperformed much of the broader crypto market.
The token has risen more than 800% over the past year.
ZEC traded near $536 compared with roughly $58 a year earlier.
Over the same period, Bitcoin has declined modestly.
Analysts say renewed privacy debates are driving Zcash interest.
Advances in artificial intelligence have intensified data protection concerns.
Several industry figures have highlighted Zcash’s privacy design.
Arthur Hayes and Mert Mumtaz have publicly supported privacy-focused tokens.
At the time of reporting, Zcash price was $525.64.