Nasdaq-listed CYPH purchased another $18 million worth of ZEC, bringing its total holdings to 1.43% of the network's supply.

Odaily Planet Daily reports that Cypherpunk Technologies Inc. (Nasdaq: CYPH) announced it has spent another $18 million to purchase 29,869.29 ZEC (Zcash), at an average price of $602.63 per ZEC. Combined with its previous purchase of $50 million worth of ZEC, Cypherpunk's total ZEC holdings have reached 233,644.56, with an average cost of $291.04 per ZEC.

This acquisition brings the company's total ownership in the Zcash network to 1.43%.

Cypherpunk focuses on privacy and self-sovereignty, viewing Zcash as a "digital privacy asset" and a hedge against Bitcoin's transparency and its financial infrastructure, especially in an AI-rich future.

Previously, the company had just appointed Will McEvoy, head of Winklevoss Capital, as Chief Investment Officer (CIO) and a member of the board of directors. Winklevoss Capital had previously led a $58.88 million private placement to the company.

The company aims to eventually hold at least 5% of the total ZEC supply, continuing to advance its digital asset vault strategy centered on Zcash.