Overview
- Cypherpunk Technologies closed a $58.88 million private placement led by Winklevoss Capital to finance its pivot to a Zcash-focused corporate treasury.
- The company deployed $50 million to purchase 203,775.27 ZEC at an average price of about $245 per token.
- It has stated an ambition to hold at least 5% of Zcash’s total supply, with current holdings equal to about 1.25% based on recent disclosures.
- Khing Oei was appointed chairman and Winklevoss Capital principal Will McEvoy joined as chief investment officer and director, with Douglas E. Onsi continuing as CEO.
- Coverage notes ZEC’s sharp rally and volatility and emphasizes that large ZEC holdings do not grant direct control over Zcash protocol governance.