Canada-based investment firm Cypherpunk Holdings has dumped its holdings of two alternative cryptocurrencies and put the proceeds into bitcoin.
In an announcement Thursday, the company said that its bitcoin holdings have increased to 276.479 BTC from the balance of 72.979 BTC seen at the end of the second quarter, a 279% increase.
The company financed the additional bitcoin purchases with the â€œfull liquidationâ€ of positions in privacy-focused cryptocurrency monero and ether, the native cryptocurrency of the Ethereum network. Part of the proceeds generated from aÂ private placement of CA$505,000 (nearly US$400,000) closed on Aug. 27 were also used to purchase bitcoin.
Other prominent publicly-traded companies such as MicroStrategy [NASDAQ: MSTR] and Square [NYSE: SQ] have diversified into bitcoin this year, validating, many say, the cryptocurrencyâ€™s utility as an inflation hedge and a reserve asset.
Cypherpunk is listed on the Canadian Securities Exchange under the ticker â€œHODL.â€