Canada-Listed Investment Firm Sells All Its Ether, Monero to Buy More Bitcoin
Canada-based investment firm Cypherpunk Holdings has dumped its holdings of two alternative cryptocurrencies and put the proceeds into bitcoin. In an announcement Thursday, the company said that its bitcoin holdings have increased to 276.479 BTC from the balance of 72.979 BTC seen at the end of the second quarter, a 279% increase.
The company financed the additional bitcoin purchases with the “full liquidation” of positions in privacy-focused cryptocurrency monero and ether, the native cryptocurrency of the Ethereum network. Other prominent publicly-traded companies such as MicroStrategy NASDAQ: MSTR and Square NYSE: SQ have diversified into bitcoin this year, validating, many say, the cryptocurrency’s utility as an inflation hedge and a reserve asset.