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Canadian Public Company Liquidates Its Ethereum and Monero for Bitcoin

A Canadian company with public holdings liquidated its Ethereum and Monero holdings and invested in Bitcoins. An interesting fact about the company is that it is owned and operated by a famous poker player who was a member of the European Parliament.

The Canadian firm has public holdings but decided to dump Ethereum and Monero holdings; put the amount into Bitcoin shows the confidence that firms are having in cryptocurrency. It is not surprising to see similar developments happening in 2020. 

In a major development, according to Bitcoin News , a well-reputed Canadian company has decided to dump Ethereum and Monero for Bitcoin in a major development. Cypherpunk Holdings is headquartered in Toronto, and listed on the Canadian Securities Exchange.

The company revealed on Thursday, November 26th, will increase their bitcoin holdings to 276.479. Cointelegraph, which is a bitcoin & blockchain news portal, had tweeted this about the development.

For the moment, they hold around USD 5 million in Bitcoins. They have increased their holdings of Bitcoins from June 30th to 72.979 bitcoins. The company announced that the planned increase of the holdings in Bitcoins is a “result of full liquidation” of Ethereum (ETH) and Monero (XMR).

Additionally, they also made use of a private placement worth CAD 505,000. The amount was closed on August 27th, 2020. 

A news publication in Sharecaster had to say the same about the recent development. Cypherpunk Holdings was founded in 1995 and earlier called Khan Resources Inc. However, the firm changed its name in November 2018. 

The firm invests in privacy technologies as well as in the Bitcoin market. They are also listed on the Canadian Securities Exchange under the name HODL. Antanas Guoga, also called Tony G, who is the CEO of the company, is a popular poker player. 

Tony G was a former member of the European Parliament. In 2018, Tony G founded the Blockchain Centre in Vilnius, Lithuania. The firm now joins notable names such as the Nasdaq-listed Microstrategy and Jack Dorsey’s Square Inc, which have placed their faith in the crypto market.

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