A Nasdaq-listed company has made another move recently. Cypherpunk Technologies increased its holdings of ZEC again at the end of the year, purchasing approximately 56,000 Zcash, spending nearly $29 million.

In total, they now hold about 290,000 ZEC, accounting for 1.76% of the total Zcash circulation. The company previously announced its goal to eventually hold 5% of the circulating supply, and this recent increase brings them closer to that target.

Interestingly, the average purchase price was about $514 per coin. This move clearly isn't about short-term speculation but rather a genuine long-term asset allocation of ZEC. The company's investment lead, Will McEvoy, also confirmed this—he stated that the company is steadily executing its accumulation plan and won't change its stance due to price fluctuations.

There's an even more interesting story behind this. Cypherpunk was originally a biotech company called Leap Therapeutics. By 2025, the company shifted gears and rebranded itself as a digital asset firm focused on privacy-related encrypted assets. This major transformation was supported by Winklevoss Capital, indicating their strong confidence in this direction. It seems that as privacy becomes a more prominent public issue, more institutional investors are starting to adjust their asset allocation strategies.