Canada-based funding agency Cypherpunk Holdings has dumped its holdings of two various cryptocurrencies and put the proceeds into bitcoin.
The corporate financed the extra bitcoin purchases with the “full liquidation” of positions in privacy-focused cryptocurrency monero and ether, the native cryptocurrency of the Ethereum community. A part of the proceeds generated from a personal placement of CA$505,000 (almost US$400,000) closed on Aug. 27 have been additionally used to buy bitcoin.
Different distinguished publicly-traded firms reminiscent of MicroStrategy [NASDAQ: MSTR] and Square [NYSE: SQ] have diversified into bitcoin this yr, validating, many say, the cryptocurrency’s utility as an inflation hedge and a reserve asset.
Cypherpunk is listed on the Canadian Securities Change underneath the ticker “HODL.”