Canadian public company offloads Ethereum and Monero for Bitcoin

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A publicly traded Canadian company liquidated all of its Ethereum and Monero holdings and put all of the proceeds in Bitcoin. The company is run by a well-known poker player and former member of the European Parliament.

Cypherpunk unloads Monero and Ethereum for Bitcoin

Cypherpunk Holdings, a Toronto-based company listed on the Canadian Securities Exchange (CSE), announced Thursday that it had increased its bitcoin holdings to 276,479 bitcoins. At the current price, the company now holds around US $ 5 million in bitcoin. Cypherpunk Holdings added that this was a net increase since June 30 of 72,979 bitcoins, adding:

The increase in bitcoin holdings is the result of the complete liquidation of monero (XMR) and ethereum (ETH) positions, as well as partial use of the proceeds of a C $ 505,000 private placement that closed on August 27 2020.

Founded in 1995, Cypherpunk Holdings was formerly known as Khan Resources Inc., but the company changed its name in November 2018. Cypherpunk invests in cryptocurrencies and privacy technologies and is listed on the CSE under the symbol HODL . CEO Antanas Guoga, or Tony G, is a well-known high-stakes poker player and former Member of the European Parliament. He founded the Blockchain Center in Vilnius, Lithuania, in 2018.

Cypherpunk Holdings joins a growing list of large companies with a cash position in bitcoin, such as Nasdaq-listed Microstrategy and Jack Dorsey’s Square Inc.

What do you think of this Canadian public company that sells ether and monero for Bitcoin? Let us know in the comments section below.

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