Cypherpunk sells off ETH and BTC

Toronto-based investment firm Cypherpunk Holdings has sold all its Bitcoin (BTC) and Ethereum (ETH) amid the current market crisis.

The company sold a total of C$6.38m ($5m), comprising 214,7203 BTC for C$6.09m ($4.7m) and 205,8209 ETH for C$293,000 ($227,700), according to an announcement on Tuesday, June 28.

Cypherpunk’s treasury holds neither ETH nor BTC but has C$18.16m ($14.1m) in cash and stablecoins and C$1.93m ($1.5m) allocated to structured products with 30 days redemption notice.

Cypherpunk Holdings CIO Moe Adham said: “Crypto markets remain in a deep risk-off environment. There remains a risk of further significant drawdowns in asset prices across the crypto sector. In the interest of all shareholders, the company transitioned its treasury to cash.”

BTC and ETH have lost more than half of their value over the past year. During the crypto crash, both coins reached a 52-week low at the start of June. The company’s shares have also taken a 50% dip on the Canadian stock exchange.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk-reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion”, said Cypherpunk president and CEO Jeff Gao.

While we wait for the crypto market to redeem itself, you can keep using cryptocurrencies recreationally at Bitcasino.io, FortuneJack or 1xBit.

Source

Updated: 06/29/2022 — 17:00