The Treasury Play
Nasdaq-listed Cypherpunk Technologies (CYPH) has aggressively expanded its privacy-focused treasury, purchasing an additional 56,418 ZEC for approximately $29 million. The acquisition brings the firm’s total holdings to 290,062 ZEC, representing 1.76% of the token’s circulating supply.
Zcash (ZEC) held steady at $525 (-1.9%) following the disclosure, signaling the market had largely priced in the buying pressure.
The 5% Mandate
The purchase was executed at an average price of $514.02 per token, slightly below current market value. This move is part of a stated directive to acquire 5% of the total Zcash supply, a strategy backed by a $58.9 million capital injection from Winklevoss Capital in November.
“We are well positioned for a market that is repricing the societal importance of privacy.”
. Will McEvoy, Chief Investment Officer at Cypherpunk Technologies
Institutional Pivot
Formerly known as Leap Therapeutics, the company executed a radical pivot from biotechnology to digital asset infrastructure in late 2025. Unlike MicroStrategy’s bitcoin-only focus, Cypherpunk is betting explicitly on privacy protocols, framing ZEC as an undervalued hedge against surveillance. The firm now holds nearly 2% of the network’s supply, creating a liquidity squeeze scenario if other institutions follow suit.
