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.
