Cypherpunk Technologies Bolsters Crypto Portfolio with $29M Zcash Acquisition
Cypherpunk Technologies Enhances Zcash Holdings
Nasdaq-listed Cypherpunk Technologies has significantly bolstered its cryptocurrency portfolio with a recent acquisition of Zcash tokens valued at approximately $29 million. The company announced on Tuesday that it procured 56,418 Zcash (ZEC) at an average price of $514 per token. This purchase elevates Cypherpunk's total holdings to 290,062.67 ZEC, representing about 1.76% of the token's circulating supply.
Zcash: A Privacy-Centric Blockchain
Introduced in 2016 as a Bitcoin fork, Zcash focuses on privacy, utilizing zero-knowledge proofs to authenticate transactions without disclosing the sender, recipient, or amount. Similar to Bitcoin, Zcash has a capped supply of 21 million tokens.
Will McEvoy, Cypherpunk's Chief Investment Officer, stated the company's objective is to accumulate 5% of the total ZEC supply, emphasizing its strategic positioning in a market increasingly valuing privacy.
Company Rebranding and Market Response
Formerly known as Leap Therapeutics, Cypherpunk Technologies rebranded in November to focus on Zcash as a digital asset company. This strategic pivot has been well-received, with the company's stock price surging nearly 170% from $0.44 to around $1.18, according to Google Finance data.
Cypherpunk Technologies is backed by Winklevoss Capital, the investment firm led by Gemini founders Tyler and Cameron Winklevoss.
Zcash's Market Performance
According to CoinGecko data, Zcash has experienced an impressive surge of over 800% this year, reaching approximately $536 per token from $58 a year ago. This growth contrasts with Bitcoin's 5% decline during the same period. The rise of Zcash aligns with renewed discussions on privacy in 2025, fueled by advancements in AI and digitalization, and supported by key crypto commentators.
Despite optimism, some analysts caution against potential market corrections. Eric Van Tassel recently suggested a possible "corrective pullback" to $400.