Investment company Cypherpunk Holdings sold all of its bitcoin and Ethereum assets amid a market decline.
The company sold 205,8209 ETH for CAD 293,000 (over $227,000 at the time of writing) and 214,7203 BTC for just over CAD 6 million (over $4.7 million).
Total cryptocurrency revenue was $6,378,787 CAD (almost $5 million).
Cypherpunk Holdings said the company withdrew all bitcoin and Ethereum into cash amid high risks of further significant declines in crypto-asset prices. Until market conditions change, the funds will continue to be held in cash.
At the same time, company head Jeff Gao stressed that Cypherpunk Holdings maintains a long-term bullish outlook on cryptocurrencies and plans to capitalize on investment opportunities as they arise.Market update from @CypherpunkHODL, read here: https://t.co/mRUmqbfU9d
Recall, Intercontinental Exchange sold $1.2B shares in Coinbase.