Canadian investment firm Cypherpunk sells most of its Bitcoin and chooses to invest in Solana

Cypherpunk Holdings, a Canadian based investment company, has once again increased its investment in Solana, according to its latest publicly available documents. Since mid July, the company has purchased an additional 23000 SOLs, bringing its total holdings to 86294 (valued at approximately $21.6 million).

According to previous reports from Zombie, Cypherpunk had already increased its SOL holdings from 6131 to 63000 (worth $14 million at the time) last month. The company only started purchasing SOL at the end of the first quarter of 2024 and had not held any SOL before that.

At the same time, Cypherpunk has also reduced most of its Bitcoin holdings, selling approximately 110 coins, leaving only 52 coins (worth $5.2 million) in its current Bitcoin holdings. According to public documents, the company used 45 bitcoins to execute orders to purchase 20000 SOL options, while the rest were sold for profit.

It is worth mentioning that when Leah Wald took over as CEO in early July, he stated to The Block that Bitcoin is the company's largest holding asset, while Animoca Brands' multi million dollar investment in the metaverse ranks second. However, the company has successively reduced its holdings of Animoca Brands and Bitcoin in the past two months, and invested funds in SOL, which seems to indicate a significant shift in the company's investment strategy.

Leah Wald previously stated in an interview with The Block:

The Solana ecosystem presents many interesting opportunities. Currently, there are many community activities on the blockchain, and I do believe that the growth of memory blockchain can be directly linked to community and developer activities