Cypherpunk Technologies, the Nasdaq-listed privacy firm backed by Winklevoss Capital, said it has launched what it calls the world’s largest Zcash mining operation, moving beyond simply building a treasury around ZEC and into producing the coin directly.
$33.33 million equity deal sets up Cypherpunk Mining
The company said Monday that it launched Cypherpunk Mining through a $33.33 million equity-based deal with Winklevoss Capital. The transaction included the latest-generation Z15 Pro mining machines and their hosting agreements.
Cypherpunk said the acquisition was not funded with cash. Instead, it used a pre-funded warrant tied to about 43.3 million Cypherpunk shares, based on a stock price of $0.77.
U.S. fleet is already live at about 4.2 GSol/s
According to the company, the mining fleet is already operating in the United States and is generating about 4.2 GSol/s of Equihash hashrate. Cypherpunk estimates that figure represents roughly 18% of the entire Zcash network.
Cameron and Tyler Winklevoss said the acquisition gives public-market investors a rare way to gain exposure to Zcash mining, an area they said has been difficult to access.
Chief Investment Officer Will McEvoy described mining as the next piece of Cypherpunk’s privacy-focused strategy. He said the ZEC produced by the fleet would support future growth, additional coin purchases, and new investments in privacy technology.
“Zcash hashrate has been concentrated in a small number of miners, pools, and ASIC makers—almost all of it outside the United States. Cypherpunk is changing that. Our fleet is deployed across U.S. facilities, owned outright, and zero debt and power costs locked in low.”
Cameron Winklevoss posted that statement on X after the announcement on August 18, 2026.
Mining is meant to speed up the company’s treasury target
The mining push ties directly to Cypherpunk’s Zcash treasury strategy. The company said it is already the largest corporate holder of ZEC, with about 323,394 coins, equal to roughly 1.92% of circulating supply. Its target is to reach 5%.
Cypherpunk said about 43,800 ZEC are minted to miners each month. In its view, operating mining infrastructure should accelerate that accumulation goal at production costs below the market price.
The company also named former Foundry executive Kevin Zhang as head of mining.
Zcash bet has delivered both a rally and a sharp drawdown
The launch comes after a volatile stretch in Cypherpunk’s Zcash strategy. Its treasury vehicle debuted with backing from the Winklevoss camp and benefited from a sharp ZEC rally. The report said ZEC climbed in late 2025 even as Bitcoin fell, and Zcash creator Zooko Wilcox joined the effort near the end of last year.
The move has not been without setbacks. Cypherpunk’s stock at one point fell nearly 40% during a Zcash privacy bug episode, highlighting how closely the company’s performance is tied to a single asset with relatively thin trading.
At the time of publication, Zcash was trading just above $500, up about 7% over the past seven days but down around 28% from its peak near $700 last year. Cypherpunk said its share price is likely to remain highly correlated with ZEC, a dynamic that can work in either direction.