Cypherpunk Holdings Dumps All ETH, XMR To Purchase Bitcoin

The Canada-based investment company Cypherpunk Holdings ditched all of its Ether and XMR holdings in order to buy more Bitcoin. But why did the company decided to do so? Let’s find out in our latest Monero XMR news.

In an announcement by the company, Cypherpunk Holdings said that the BTC holdings increased to 276,479 BTC from the balance of 72.979 BTC which was seen at the end of the second quarter, marking a 279% increase. The company financed the additional BTC purchase with the “full liquidation” of positions in other coins like Ether and privacy-based Monero-XMR. Part of the proceeds generated from the private placements of about $400,000 which were also used to buy Bitcoin.

Other publicly-traded companies like Microstrategy and Square diversified into BTC recently and validated the crypto’s utilities as an inflation hedge and a reserve asset. Cypherpunk is listed on the Canadian Securities Exchange under the ticker HODL.

Despite the worries in the crypto space, the Microstrategy CEO denied that he will be selling BTC on short-notice. The confusion about what Saylor’s plan is with the company’s holdings, in an interview he stressed how liquid bitcoin is as an investment. Saylor said that the report added that he will not hesitate to liquidate the holdings if better opportunities were to come up, such as the jump in bond yields.

After the interview, Saylor was paraphrased by other crypto news outlets as he was saying that his company will liquidate the $200 million in Bitcoin implying that he is not the long-term holder that many think he is and that he stands ready to sell the moment’s notice. However, Saylor himself pushed back at this narrative saying on Twitter that the headline is a quite big misrepresentation:

 “I merely indicated that Bitcoin is to be preferred as a treasury asset because it is so liquid. I never suggested an intent to trade it for other assets on short notice.”

Also, Microstrategy redirected Hope.com to Bitcoin after the recent $435 million bitcoin purchase as the CEO of the company promoted the coin on Twitter. Saylor promoted bitcoin since his purchase and sometimes, more than once in a day but this month he almost tweeted about it 30 times.