The Canada-based investment firm, Cypherpunk recently made a significant announcement regarding its current Solana (SOL) holdings. This update signifies a noteworthy development in its portfolio and strategic direction.
Cypherpunk Increases its SOL StashÂ
In a recent filing, the investment firm revealed it has bought roughly 23,000 SOL since July. With this new purchase, its overall count is now pegged at 86,294 tokens worth $21.6 million. This is a significant increase to the 6,131 SOL it held in trust as of last month.Â
On the other hand, the firm reduced its Bitcoin holdings to about 52 BTC. This shift in investment approach happened as Leah Wald became CEO.Â
The crypto community is curious about this shift in focus. This is because Cypherpunk was one of the first public firms to buy BTC as a way to invest in cryptocurrencies.
Solana vs Bitcoin
Wald mentioned in an interview that Solana has exciting opportunities with strong community involvement. This suggests that a blockchain’s growth is tied to community and developer activity. Notably, the digital asset is growing at a faster pace and it has recorded an uptick in momentum lately. Recently, Solana surpassed Ethereum in terms of accrued revenue.Â
Also, Solana’s trading volume remains positive while the overall market faces challenges with selloffs. In May, the network was recognized as the fastest blockchain in the world. This is because of its scalability and fast speed in transactions. Â
Bitcoin on the other hand, is still the leading crypto asset in the world. It has gained widespread adoption over the years, becoming a household name in the world of cryptocurrencies. It is considered as a hedge against inflation and store of value compared to altcoins. Its resilience to withstand market pressure proves that the coin is second to none.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
