Update on Cryptocurrency Holdings and Strategy
Market Overview and Strategy:
Moe Adham, CIO of Cypherpunk Holdings commented: "Crypto markets remain in a deep risk off environment. There remains 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. This transition prepares our business to take advantage of investment opportunities we believe will become available after a substantial recapitalization of certain projects."
Cryptocurrencies:
The Company has sold 205.8209 ETH for proceeds CAD $293k and 214.7203 BTC for proceeds CAD $6,086,283.
The Company's treasury presently holds no BTC and no ETH.
The total proceeds from the sale of cryptocurrencies is CAD $6,378,787.
Cash Position:
For cash and stables the company has CAD $18.16M on hand.
An additional CAD $1.93M is allocated to structured products with a 30 days redemption notice.
Jeff Gao, the CEO and President of Cypherpunk Holdings commented: "Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody. 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. On the balance of...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...