2026-8-13 01:30 |
Zcash treasury firm and Leap Therapeutics owner, Cypherpunk Technologies, reported $39.4 million in second-quarter net income, reversing a $16.6 million loss a year earlier.
Cypherpunk recorded a $4.7 million operating loss, while a $46 million unrealized gain on its ZEC treasury drove the change in its bottom line.
Research and development expense accounted for $0.2 million of the quarter’s costs, while general and administrative expense was $4.5 million. That left the company loss-making at the operating level before the ZEC revaluation was reflected in the income statement.
The accounting treatment recognizes price movements without requiring Cypherpunk to sell the tokens.
Related Reading BitMine made $46 million staking Ethereum then lost twice that betting on it Staking generated nearly all quarterly revenue as the company issued billions of dollars in stock to finance a treasury sitting $8.2 billion below cost. Jul 15, 2026 · Oluwapelumi AdejumoThe $46 million gain was a period-end accounting result, and Cypherpunk marks its Zcash holdings to market at each reporting date. It used a ZEC price of $400.09 at June 30, valuing the treasury at $129.4 million on its balance sheet.
Cypherpunk reported $39.4 million in Q2 net income as a $46 million unrealized ZEC gain offset a $4.7 million operating loss.Cypherpunk said it held 323,394.38 Zcash as of Aug. 11 at an average purchase price of $341.83, which is approximately 1.92% of the circulating supply. That average implies an aggregate acquisition cost of roughly $110.5 million.
ZEC traded at $489.34 on CoinGecko at 11:27 UTC on Aug. 12, putting the holdings at approximately $158.2 million.
Related Reading Zcash just exploded 40% – and the privacy coin rally is no longer just a crypto-native trade Investors bet that the rise of AI and global data collection will force a massive premium on the zero-knowledge privacy features of ZEC. May 7, 2026 · Oluwapelumi AdejumoCypherpunk reported $7.6 million in cash and cash equivalents as of June 30, separate from the ZEC balance it classified as a digital asset receivable. The quarter shows how the company’s earnings can be shaped by the price used to revalue its treasury.
Related Reading Zcash loses over $5 billion after AI finds 4-year bug that could have created fake hidden coins Zcash developers say the flaw was patched before any known exploit, but the selloff shows how fragile trust can be around money built to stay private. Jun 5, 2026 · Oluwapelumi AdejumoThe cash figure sits alongside a separate decision in Cypherpunk’s biotechnology business. Its wholly owned biotech subsidiary, Leap Therapeutics, initiated a process to secure the resources needed to advance sirexatamab into Phase 3 development.
Leap said the process could include financing the program as an independent entity or pursuing a transaction with a pharmaceutical or biotechnology company. The alternatives include a partnership, a license, a collaboration, a sale, or another business combination.
Cypherpunk set no timetable and cautioned that financing or a transaction was not assured, and it did not link Leap’s resource search to the Zcash strategy.
For investors, the immediate picture is a profitable quarter dominated by an unrealized token gain, alongside a drug program whose next stage still depends on securing additional resources.
The post Cypherpunk secures a $46M Zcash gain and turns a $4.7M operating loss into $39.4M profit appeared first on CryptoSlate.
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