Cypherpunk dumps Bitcoin and Ether to avoid more drawdowns

Cypherpunk Holdings Inc. hasliquidated all of its Bitcoin and Ethereum treasury holdings, the Canadian investment firm said on Tuesday. 

Fast facts

• “In the interest of all shareholders, the company transitioned its treasury to cash,” said Moe Adham, investment chief at Cypherpunk. “This transition prepares our business to take advantage of investment opportunities we believe will become available after a substantial recapitalization of certain projects.”
• Cypherpunk chief executive officer Jeff Gao said the firm maintains its long-term bullish outlook on cryptocurrencies.
• Bitcoin is down 70.5% from its all-time high of US$69,045 set in November, and was trading at US$20,341 at press time, according to CoinGecko data. 
• The company said it sold 205.8209 ETH and 214.7203 BTC to snap up CA$6.389 million (US$4.9 million) in total proceeds.