TLDR
- Cypherpunk Technologies purchased an additional $18 million worth of Zcash, bringing total holdings to 233,644 ZEC valued at roughly $150 million
- The privacy-focused treasury firm now controls 1.43% of Zcash’s total circulating supply after two major purchases
- Zcash surged 140% over the past month and gained more than 10% in the past 24 hours, reaching $640
- Cypherpunk is sitting on approximately 120% paper gains with an average cost basis of $291 per token
- The Winklevoss twins-backed firm recently appointed Khing Oei to its Board and Will McEvoy as Chief Investment Officer
Cypherpunk Technologies just placed another big bet on privacy. The digital-asset treasury firm bought $18 million more Zcash tokens, marking its second major purchase in recent weeks.
The company acquired 29,869 ZEC tokens at an average price of $602.63. This brings total holdings to 233,644 ZEC, currently worth about $150 million.
Cypherpunk Technologies Inc., CYPH
Cypherpunk now owns 1.43% of Zcash’s entire circulating supply. The firm made its initial $50 million investment just weeks ago at an average price of $245.37 per token.
The timing looks good so far. Zcash has been on a tear while much of the crypto market struggles.
ZEC jumped more than 10% in the past 24 hours to hit $640. Over the past month, the privacy coin climbed 140%.
That rally stands in stark contrast to the broader market. The CoinDesk 5 Index fell 1% during the same 24-hour period.
Paper Gains Stack Up
The price surge means Cypherpunk is already sitting pretty on paper. With an average cost basis of $291 per token across both purchases, the firm holds unrealized gains of around 120%.
That’s a quick turnaround for a treasury strategy that only launched recently. The company previously operated as Leap Therapeutics before pivoting to focus on digital assets.
Privacy Play Gets Backing
Cypherpunk secured $58.88 million in a private placement led by Winklevoss Capital. The Gemini exchange founders Cameron and Tyler Winklevoss are now key backers of the privacy-focused strategy.
The company made some leadership moves last week. Veteran investor Khing Oei joined the Board of Directors.
Will McEvoy, a principal at Winklevoss Capital, now serves on the Board. He also took on the role of Chief Investment Officer.
Zcash uses zero-knowledge proofs to shield transaction details. Users can send and receive funds without revealing amounts or addresses on the public blockchain.
The company frames its strategy around what it calls “censorship-resistant” assets. Cypherpunk sees Zcash as “digital privacy in asset form,” comparing it to Bitcoin’s role as digital gold.
The firm positions the privacy coin as a hedge against Bitcoin’s transparency. It also views Zcash as protection against traditional financial infrastructure in what it calls an “AI-abundant future.”
Privacy coins have faced regulatory scrutiny in various jurisdictions. Some exchanges delisted privacy-focused cryptocurrencies in response to compliance concerns.
Yet investor interest appears to be rekindling. Zcash’s recent price action suggests renewed appetite for privacy-preserving blockchain technology.
Cypherpunk continues to develop cancer therapies sirexatamab and FL-501 alongside its treasury strategy. The dual focus keeps one foot in biotech while betting heavily on digital privacy.
The company trades on Nasdaq under ticker CYPH. Total network ownership now stands at 1.43% following the latest $18 million acquisition.
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