Cypherpunk Technologies bought $29 million worth of Zcash tokens, bringing their total holdings to about 1.76% of the token’s circulating supply. The company aims to accumulate 5% of the total ZEC supply, citing the importance of privacy in today’s market. Formerly Leap Therapeutics, Cypherpunk Technologies stock has surged 170% since rebranding.

Zcash has outperformed Bitcoin this year, surging over 800% to about $536 per token. The growth is attributed to renewed privacy debates and support from influential figures like Arthur Hayes and Mert Mumtaz. The Zcash Foundation believes the recent momentum is driven by rising concerns over government overreach and digital privacy.

Former BitMEX CEO Arthur Hayes predicts ZEC’s price may reach $1,000, citing potential liquidity from behind-the-scenes Fed funding. However, analyst Eric Van Tassel warns of a possible corrective pullback to $400. The market’s response to zero-knowledge technologies and privacy tokens like ZEC remains uncertain amidst differing predictions.

Read more at Cointelegraph: Cypherpunk grows Zcash holdings with latest $29M purchase