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Canada-Listed Finance Firm Markets All Its Ether, Monero to Purchase More Bitcoin

  • Posted On - 2020-12-02 10:11:08

Canada-based property firm Cypherpunk Holdings has discharged its holdings of two alternative cryptocurrencies and placed the profits into bitcoin.

In a communication Thursday, the company announced that its bitcoin holdings have expanded to 276.479 BTC from the balance of 72.979 BTC seen at the end of the second quarter, a 279% increase.

The company supported the additional bitcoin acquisitions with the “full liquidation” of situations in privacy-focused cryptocurrency Monero and ether, the indigenous cryptocurrency of the Ethereum network. Part of the incomes produced from an individual deployment of CA$505,000 (nearly US$400,000) terminated on Aug. 27 were also applied to obtain bitcoin.

Other pre-eminent publicly-traded companies such as MicroStrategy [NASDAQ: MSTR] and Square [NYSE: SQ] have broadened into bitcoin this year, confirming, many says, the cryptocurrency’s efficiency as an extension hedge and a stock asset.

Cypherpunk is listed on the Canadian Securities Exchange under the ticker “HODL.”

As initially published by The Block, the animadversions mark a possible extension by one of the original most comprehensive shareholders in bitcoin’s contemporary bull run: from a real bitcoin investor (and node runner) to a firm also in the exchange of bitcoin.

To be positive, “we don’t have anyone thing that we’re sure makes sense to capitalize yet,” Saylor told investors.

But the company is embedding hands out for new hires nevertheless.

“We’re actively watching to source and supply some gifted folk that has expertise in the blockchain that would like to accompany us on this journey,” said Chief Technology Officer Tim Lang.