Cypherpunk Technologies (ticker CYPH), a Nasdaq-listed firm backed by Gemini co-founder Tyler Winklevoss, has expanded its Zcash treasury, adding more than $29 million worth of ZEC as it works toward a 5% supply target.
The company said Tuesday it acquired 56,418 ZEC for approximately $29 million at an average price of $514 per coin. The purchase lifts Cypherpunk’s total holdings to 290,062 ZEC, representing around 1.8% of Zcash’s circulating supply.
Cypherpunk first unveiled its Zcash-focused treasury strategy in November, following a rebrand from biotech firm Leap Therapeutics and a $58.9 million investment from Winklevoss Capital. At the time, the company disclosed an initial purchase of roughly 204,000 ZEC as it framed privacy-focused assets as a long-term hedge alongside bitcoin.
Zcash, like bitcoin, has a capped maximum supply of 21 million coins. With roughly 16.5 million ZEC currently in circulation, Cypherpunk’s holdings now account for more than a third of its stated 5% accumulation goal.
“We continue to execute on our goal of accumulating 5% of the Zcash network,” Chief Investment Officer Will McEvoy said in a statement, as he pointed to a market that he said is “repricing the societal importance of privacy.”
Choppy ZEC price action
The additional purchase comes during a period of cooling prices. ZEC was trading near $650 when Cypherpunk first began building its treasury in November, shortly after the privacy coin hit a multi-year high.
As of Tuesday, ZEC was trading around $537, down roughly 17% from those levels, according to The Block’s price data.
Zcash (ZEC) price chart. Source: The Block/TradingView
Cypherpunk’s stock has also fallen sharply since its Nasdaq debut. Shares of CYPH were trading just under $3 when the company launched its new strategy, but have since slid to around $1.20, a decline of roughly 60%.
Despite the pullback, the company has reiterated its commitment to Zcash as a core treasury asset. Winklevoss has previously described Zcash as a “privacy hedge” to bitcoin, arguing that privacy-focused cryptocurrencies could regain relevance amid increased surveillance and regulatory pressure.
Cypherpunk said it plans to continue expanding its ZEC position while exploring broader investments tied to privacy-preserving technologies.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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