Cypherpunk Technologies just reported a $39.4 million net income for Q2 2026, a dramatic reversal from the $16.6 million loss it posted in the same period a year earlier. The catalyst: a $46 million unrealized gain on its Zcash holdings.
A pharma company turned crypto treasury
Cypherpunk Technologies, which trades on NASDAQ under the ticker CYPH, formerly operated as Leap Therapeutics, an oncology-focused biotech firm. It rebranded in November 2025 and pivoted toward a ZEC-centric treasury strategy, though it reportedly still maintains its legacy oncology research assets.
The pivot was backed by serious money. Winklevoss Capital spearheaded a private placement that helped fund the company’s accumulation of Zcash tokens.
As of early 2026, Cypherpunk is estimated to hold between 290,000 and 295,000 ZEC. That stash represents roughly 1.7% to 1.76% of Zcash’s total circulating supply, acquired at an average price somewhere in the $334 to $336 range per token. At recent valuations, the position is worth approximately $145 million.
