Cypherpunk Zcash Purchase Adds $29M to Crypto Treasury

The Cypherpunk Zcash purchase marks one of the most significant corporate bets on privacy-focused cryptocurrency in 2025. On Tuesday, Nasdaq-traded Cypherpunk Technologies (Nasdaq: CYPH) announced that it has acquired about 29 million Zcash (ZEC) for its corporate crypto treasury. This acquisition increases the company’s holding to nearly 2% of the circulating supply of Zcash, reinforcing the Cypherpunk belief that digital privacy is becoming a fundamental investment theme as markets reassess the long-term potential of surveillance, artificial intelligence, and data control.

Cypherpunk Zcash Purchase Adds 56,418 ZEC

Cypherpunk purchased 56,418 ZEC at an average price of $514 per piece, according to the announcement, which means that the total cost of purchases is approximately 29 million dollars. After the trade, the company currently owns 290,062.67 ZEC, which represents approximately 1.76% of the circulating Zcash supply.

In 2016, Zcash was launched as a fork of Bitcoin and is meant to support private transactions with the use of zero-knowledge proofs. Such cryptographic tools enable transactions to be checked without disclosing the sender, recipient, and amount of the transaction. Similar to Bitcoin, Zcash also has a maximum supply cap of 21 million tokens

Cypherpunk Targets 5% of Total ZEC Supply

According to cypherpunk, the recent acquisition is part of a larger accumulation plan. Chief Investment Officer Will McEvoy said, “We continue to execute on our goal of accumulating 5% of the Zcash network.” McEvoy added that the firm is positioned for a market that is “repricing the societal importance of privacy.”

Consequently, the company added more ZEC during a period of falling prices. It was trading near $650 when Cypherpunk first began building its treasury in November, and shortly after, it hit a multi-year high.

With roughly 16.5 million ZEC currently in circulation, Cypherpunk’s holdings already represent more than one-third of its stated accumulation target. As of press time, Zcash is trading at $527.34, with a market cap of $8.68B. 

Chart 1: ZEC Live Price, December 31, 2025. Source: CoinMarketCap

Rebrand and Winklevoss Backing Shape Strategy

The company’s pivot toward Zcash followed a major rebrand in November. Cypherpunk Technologies, a biotech company, has since been rebranded to become a Zcash-oriented digital asset company, formerly referred to as Leap Therapeutics.

Cypherpunk has the support of Winklevoss Capital, the venture capital firm of Gemini founders Tyler Winklevoss and Cameron Winklevoss. The stock of Cypherpunk has been soaring since the rebrand, up almost 170%, with the stock increasing to approximately $1.18 from $0.44, according to Google Finance data.

Chart 2: CYPH-NASDAQ Price. Source: TradingView

Zcash Outperforms Bitcoin as Privacy Debate Returns

Zcash is up over 800% in the last year, climbing to approximately 536 per token, up from around 58, as of CoinGecko. Bitcoin has dropped approximately 5% in the same period. The rally is aligned with a new wave of debates on privacy in 2025, driven by developments in AI, digital identity, and heightened online surveillance. 

Some influential crypto analysts, such as former BitMEX CEO Arthur Hayes and Helius co-founder Mert Mumtaz, have also cited the privacy architecture of Zcash as one of the primary factors behind its recent performance. 

On X, Hayes wrote that ZEC could be preparing to make an initial move to the $1,000 level, and the analyst, Eric Van Tassel, warned of a potential corrective pullback to $400.

Final Thoughts

The recent acquisition of Cypherpunk Zcash highlights the fact that, over the years, the company has been of the view that cryptocurrencies aimed at privacy will continue to gain relevance in a fast-digitalizing world. Cypherpunk is alleged to be one of the most devoted corporate holders of ZEC, holding nearly 2 percent of the circulating amount of Zcash on its balance sheet and having a goal of obtaining 5 percent ownership. 

With privacy issues once again playing a significant role in the global financial and technological discourse, the increased exposure of the company to Zcash serves as a symbol of a larger change in the way institutional actors are assessing digital assets.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.