Cypherpunk Technologies Doubles Down: $18M Additional ZEC Purchase

Institutional Accumulation Continues

On November 18, 2025, Nasdaq-listed Cypherpunk Technologies Inc. (ticker: CYPH) announced the purchase of an additional 29,869.29 ZEC at an average price of $602.63 per coin, totaling approximately $18 million.

This marks the company's second major accumulation this year. Previously, Cypherpunk spent approximately $50 million to acquire 203,775.27 ZEC at an average cost of $245.37 per coin.

Holdings Scale: 1.43% of Total Network

Following this purchase, Cypherpunk's total ZEC holdings reached 233,644.56 coins at an average cost of $291.04 per coin, representing 1.43% of the entire Zcash network's circulating supply.

While this percentage may seem modest, consider that Zcash has a 21 million coin supply cap (identical to Bitcoin) with approximately 16 million currently in circulation. A single institution holding over 1% represents significant concentration.

Winklevoss Capital's Strategic Support

Cypherpunk Technologies' bold bet isn't made in isolation. Earlier this year, Winklevoss Capital (founded by Bitcoin billionaire twins Cameron and Tyler Winklevoss) led a $58.88 million private placement in the company.

More notably, Will McEvoy from Winklevoss Capital has been appointed to Cypherpunk's board as a director and Chief Investment Officer, directly participating in investment decisions. This means the Winklevoss twins aren't just financial investors—they're strategic partners.

Why Keep Accumulating Zcash?

In their announcement, Cypherpunk Technologies explicitly positions Zcash as the "asset form of digital privacy," analogous to Bitcoin being viewed as "digital gold." The company emphasizes several key theses:

• Privacy as Fundamental Right: In an era of AI and big data, financial privacy will become a scarce resource.
• Hedging Transparency Risk: Zcash serves as a hedge against the transparency of Bitcoin and existing financial infrastructure.
• Technical Moat: zk-SNARKs zero-knowledge proof technology is the most advanced privacy protection available.
• Regulatory Flexibility: Zcash's selective disclosure feature gives it compliance advantages over other privacy coins.

Market Reaction and Price Momentum

Cypherpunk's continued buying provides strong price support for Zcash. Since August, ZEC has surged from around $40 to near $600—a gain exceeding 1,400%.

Analysts note that large institutional entry typically produces a "supply lock-up" effect: these ZEC are unlikely to return to market in the short term, reducing circulating supply and making price appreciation easier.

Institutional Trend: Privacy Coins No Longer Marginalized

Cypherpunk Technologies' moves aren't isolated. Multiple recent signals show institutions are reassessing privacy coins:

• Reliance Global Group converted all crypto holdings to Zcash
• Grayscale filed to convert Zcash Trust to ETF
• VanEck CEO stated Bitcoin OGs are moving to Zcash to hedge quantum risk
• OKX and other exchanges are relisting previously delisted ZEC

These events collectively point to one trend: Privacy is no longer a "gray area" but a legitimate institutional asset allocation need.

Implications for Retail Investors

When a Nasdaq-listed company is willing to buy large quantities at $600+ prices, backed by industry legends like the Winklevoss twins, retail investors should reconsider their positions.

Cypherpunk's average cost of $291 is far below current market price, suggesting they expect significantly higher levels. Even buying at $600 offers potential for substantial returns as adoption grows.

Of course, investments require caution, but large-scale institutional entry proves at least one thing: Zcash's story is just beginning.