Canada-based funding agency Cypherpunk Holdings has dumped its holdings of two different cryptocurrencies and put the proceeds into bitcoin.
In an announcement Thursday, the corporate mentioned that its bitcoin holdings have elevated to 276.479 BTC from the stability of 72.979 BTC seen on the finish of the second quarter, a 279% improve.
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 non-public placement of CA$505,000 (almost US$400,000) closed on Aug. 27 had been additionally used to buy bitcoin.
Different outstanding publicly-traded corporations corresponding to MicroStrategy [NASDAQ: MSTR] and Sq. [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 beneath the ticker “HODL.”