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- Cypherpunk Holdings, headed by legendary poker player Tony G, downloaded Monero and Ethereum and used the funds to increase his BTC position.
- The company now owns 276,479 BTC, the ninth largest stock owned by a public company.
A publicly traded Canadian company went all in on Bitcoin, liquidating its holdings in Monero and Ethereum. Cypherpunk Holdings has now become the ninth publicly traded Bitcoin holder, right behind Hive Blockchain.
All about Bitcoin
The Canadian company announced in a press release on November 26 that it had increased its supply of Bitcoin. Cypherpunk bought 72,979 BTC, worth $ 1.26 million, bringing its total holdings in BTC to 276,479 BTC, worth $ 4.76 million at press time.
The increase in Cypherpunk’s BTC holdings is the result of the complete liquidation of positions in Monero and Ethereum, the company revealed. He had also used some funds raised in a private placement of $ 505,000 CAD ($ 388,300). The private placement ended on August 27, with the company issuing 10,100,000 units at a price of CAD $ 0.10.
Cypherpunk Holdings becomes the latest public company to increase its holdings in BTC. The Toronto-based firm is best known in the cryptocurrency community as the owner of the Wasabi wallet. The privacy-focused unsecured wallet gives users full control over their BTC. It also comes with built-in CoinJoin, integrates the Tor browser, and offers users coin checking capabilities.
Cypherpunk has also invested in the Samourai Wallet, another privacy-focused Bitcoin wallet. The wallet prioritizes robust encryption and privacy features. Through a partnership with goTenna, a decentralized communication startup, Samourai allows users to exchange Bitcoins even offline.
At the helm of Cypherpunk Holdings is Antanas Guoga, a world-renowned Lithuanian poker player. Better known as Tony G, he was the founder of the Australian Poker Hall of Fame. He currently serves in the Lithuanian National Assembly, having previously represented the country in the European Parliament.
Public companies are turning to Bitcoin
Cypherpunk is now the ninth holder of publicly traded Bitcoin. In what is becoming a rapidly growing trend, public companies are buying Bitcoin as a hedge against deflationary fiat currencies. The change comes at a time when many Wall Street firms have advertised Bitcoin as one of the best long-term assets. One of the most recent is JP Morgan, who said that Bitcoin is now competing with gold as the preferred alternative currency for many.
The public company with the largest Bitcoin stash is Microstrategy. The business intelligence firm invested $ 425 million in Bitcoin in August and September, paving the way for Wall Street firms. CEO Michael Saylor has been a vocal supporter of BTC, hailing Bitcoin as digital gold. The company now owns 38,250 BTC, 0.182% of the total supply of BTC. Shares in Microstrategy benefited from the Bitcoin bet, with analysts expecting the price to triple in the near future.
Other public companies with sizable BTC holdings include Mike Novogratz’s Galaxy Digital with 16,402 BTC, Jack Dorsey’s Square with 4,709 BTC, Voyager Digital with 1,638 BTC and the controversial Riot Blockchain with 1,175 BTC.
The Grayscale Bitcoin Trust remains the largest owner of Bitcoin with a stock of 527,966 BTC, which is 2.51% of the total supply of Bitcoin. Owned by the Digital Currency Group, the fund offers investors exposure to Bitcoin in an SEC-regulated setup.
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