Cypherpunk Technologies, a Nasdaq-listed firm focused on privacy-enhancing technologies, has significantly increased its Zcash (ZEC) holdings with a $29 million purchase. The acquisition of 56,418.09 ZEC tokens brings Cypherpunk's total Zcash treasury to 290,062.67 ZEC, representing approximately 1.76% of the cryptocurrency's circulating supply.
The company executed the purchase at an average price of $514.02 per ZEC. However, the company's cumulative average cost for all its ZEC holdings is $334.41, considerably below current market prices. Zcash is currently trading at $540, marking an 866% increase year-to-date.
Cypherpunk's Chief Investment Officer, Will McEvoy, stated that the company is committed to accumulating 5% of the Zcash network. McEvoy believes that as their Zcash position grows, Cypherpunk will be well-positioned in a market that is re-evaluating the importance of privacy. The company aims to expand its work across a broader set of privacy-preserving technologies and initiatives.
This strategic move underscores Cypherpunk's conviction in privacy infrastructure and its aggressive, long-term approach to building strategic exposure in the Zcash network. The company positions Zcash as the core of its digital asset treasury strategy, aligning with its focus on privacy technologies.
Zcash is an open-source crypto project that aims to give users more control over their financial data. It allows users to make shielded transactions that can hide sender, receiver, and transaction amounts. This bimodal architecture, offering both transparent and shielded transactions, provides a bridge between regulatory compliance and privacy. As of late 2025, over 30% of the ZEC supply was stored in shielded pools, reflecting a shift in user behavior toward privacy-first transactions.
Cypherpunk's investment in Zcash comes as institutional interest in financial anonymity tools is increasing. Prominent venture capital firm Andreessen Horowitz has stated that "privacy will be the most important moat in crypto" in its outlook for 2026. Zcash has outperformed major cryptocurrencies in terms of annual returns in 2025, also surpassing Bitcoin and precious metals like gold and silver.
Cypherpunk Technologies also operates Leap Therapeutics, a subsidiary focused on developing cancer treatments. The company's dual focus places it in both the digital asset and biotechnology industries. Cypherpunk plans to share updates through official regulatory filings, press releases, and public communication channels.
Cypherpunk, formerly Leap Therapeutics, rebranded last month with plans to begin accumulating ZEC. The company's CEO, Douglas Onsi, noted that Zcash mirrors Bitcoin's rise while emphasizing its role as the flagship crypto's "encrypted counterpart".
The acquisition has drawn attention from analysts and investors monitoring corporate exposure to cryptocurrencies. The micro-cap firm, with a market capitalization of $66.85 million, continues its cryptocurrency acquisition strategy despite its stock trading at $1.18.
