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Corporate Update

- 3 mins read

TORONTO, ONTARIO, Canada, December 23, 2020 – Cypherpunk Holdings Inc. (“Cypherpunk”
or the “Company”)
(CSE: HODL) is pleased to announce that it intends to complete a non-brokered
private placement offering of up to 13,333,333 units (“Units”) of the Company at a price of C$0.15 per
Unit (the “Offering”) raising gross proceeds of up to C$2,000,000. Each Unit consists of one common
share (a “Common Share”) of the Company and one half of one common share purchase warrant (a
“Warrant”), with each whole Warrant entitling the holder to purchase one Common Share at an exercise
price of C$0.25 for a period of 24 months from the date of issuance. The offering is expected to close on
January 15, 2021.

The Company intends to use the net proceeds from the Offering to make potential follow-on investments
in certain of its current portfolio companies, invest in new private companies in the blockchain and
privacy sector, as well as increase its holdings in select cryptocurrencies.

Part of the private placement offering is considered a related party transaction within the meaning of
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI
61-101
”) as an insider of the Company, Tony Guoga, intends to acquire an aggregate of 2,000,000 Units.
As at the date of this news release and prior to the completion of the private placement offering, Mr.
Guoga beneficially owned and controlled 14,894,500 Common Shares, warrants to acquire 3,000,000
Common Shares and stock options to acquire 1,000,000 Common Shares, representing approximately
14.9% of the issued and outstanding Common Shares on a non-diluted basis. Upon completion of the
private placement offering, Mr. Guoga is expected to beneficially own and control, directly or indirectly,
16,894,500 Common Shares, warrants to acquire 3,000,000 Common Shares and stock options to acquire
1,000,000 Common Shares, representing approximately 14.9% of the issued and outstanding Common
Shares on a non-diluted basis and approximately 18.4% of the issued and outstanding Common Shares
on a partially diluted basis. The Company will be filing a material change report in respect of the
participation by Mr. Guoga in the private placement offering. A copy of the material change report can
be found on the Company’s issuer profile on SEDAR at www.sedar.com.

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, and Hydro 66.

Cautionary Note Regarding Forward-Looking Information

Cypherpunk Holdings Cautionary Note Regarding Forward-Looking Information at the following link.

Cautionary Note Regarding Forward-Looking Information

For further information contact:

Investor Relations Contacts:
Tony Guoga, Chief Executive Officer, Cypherpunk Holdings Inc.,
Email: tony@cypherpunkholdings.com
Office: 416.599.8547