| Advances strategy to hold bitcoins as its primary treasury reserve assets Toronto, Ontario--(April 13, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) (OTC Pink: KHRIF) (the "Company"), a sector leader for privacy-technology investments, is pleased to announce that it has purchased 68.16 bitcoins for an aggregate purchase price of approximately$5 million (Canadian dollars), inclusive of fees and expenses. The average price per bitcoin was $58,092. As a result of this acquisition, the Company now holds an aggregate of 350 bitcoins. The purchase by the Company of additional bitcoins was made in accordance with its newly updated capital allocation and treasury management strategy for the Company's capital in excess of its working capital and other investment requirements. Under the Company's current capital allocation plan, the Company intends to continue to maintain cash assets that are sufficient to meet the day-to-day working capital requirements of its business and its investment needs. In addition, under this plan, the Company's objective is to hold a majority of its unallocated resources in bitcoin, which the Company now regards as its primary treasury reserve asset (being all unallocated cash and bitcoin assets of the Company in excess of the Company's anticipated near term working capital and other investment capital needs), subject to market conditions and the Company's anticipated needs for cash assets. In connection with its holdings of digital assets, such as bitcoin and any other applicable cryptocurrencies, the Company has adopted controls to guard against the risk of loss and/or theft associated with holding such assets. For example, the Company uses third-party custodians to safeguard all or a substantial portion of its digital assets. Certain information about such third party custodial arrangements which the Company believes could be important to investors is available on the Company's website at: https://cypherpunkholdings.com/security-operations/ . About Cypherpunk Holdings Inc. Cypherpunk is a company set-up to invest in companies, technologies and protocols, which enhance or protect privacy. Its strategy is to make targeted investments in businesses and assets with strong privacy, often within the blockchain ecosystem, including select cryptocurrencies. Current equity investments include Samourai Wallet, Wasabi Wallet, Chia, NGRAVE, and Hydro 66. |