Canada-based funding agency Cypherpunk Holdings has dumped its holdings of two different 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 (practically US$400,000) closed on Aug. 27 have been additionally used to buy bitcoin.
Different outstanding publicly-traded corporations resembling MicroStrategy [NASDAQ: MSTR] and Square [NYSE: SQ] have diversified into bitcoin this 12 months, validating, many say, the cryptocurrency’s utility as an inflation hedge and a reserve asset.
Cypherpunk is listed on the Canadian Securities Change beneath the ticker “HODL.”