Nasdaq-listed Cypherpunk Technologies reported second-quarter 2026 net income of $39.4 million, a sharp reversal from a $16.6 million loss in the prior-year period. The swing was driven by a $46 million unrealized gain on its Zcash treasury, which offset a $4.7 million operating loss. General and administrative expenses were $4.5 million, while research and development costs were just $0.2 million.
The company said it held 323,394.38 ZEC as of Aug. 11 at an average purchase price of $341.83, representing roughly 1.92% of Zcash’s circulating supply. Cypherpunk marked the holdings to market at a ZEC price of $400.09 on June 30, valuing the treasury at $129.4 million. By Aug. 12, with ZEC trading at $489.34, the position was worth approximately $158.2 million. The company also reported $7.6 million in cash and cash equivalents, separate from its ZEC digital asset receivable.
A separate filing commentary highlighted the disciplined tone of public crypto treasury firms in mid-2026, noting that Cypherpunk’s quiet disclosure may signal it avoided forced liquidations or emergency rebalancing. Meanwhile, subsidiary Leap Therapeutics said it is pursuing resources to advance sirexatamab into Phase 3 development, with options including a partnership, license, collaboration, sale, or other business combination. No timeline was set, and the biotech process was not linked to the Zcash strategy.
