Cypherpunk Technologies, the Nasdaq-listed privacy-focused firm backed by Winklevoss Capital, said it has launched what it describes as the world’s largest Zcash mining operation, adding direct production of ZEC to its existing treasury strategy. The company said the new unit, Cypherpunk Mining, was created through a $33.33 million equity-based transaction with Winklevoss Capital that included latest-generation Z15 Pro miners and their hosting agreements. According to Cypherpunk, the U.S.-based fleet is already live and contributes about 4.2 GSol/s of Equihash hashrate, or roughly 18% of the Zcash network. The purchase was completed through a pre-funded warrant tied to about 43.3 million Cypherpunk shares at $0.77 each rather than a cash payment. Cypherpunk said it already holds around 323,394 ZEC, equal to roughly 1.92% of circulating supply, and wants that figure to reach 5%. The company also said mining should help it accumulate more ZEC at production costs below the market price, while Cameron Winklevoss argued the move shifts part of Zcash mining exposure into U.S.-based infrastructure.

Grayscale has filed its fourth amended registration document for the conversion of its Zcash Trust into an exchange-traded fund, outlining plans to rename the product and list it on the New York Stock Exchange under the ticker ZCSH. The filing says DCG International Investments Ltd., an affiliate under Grayscale parent Digital Currency Group, is discussing a potential contribution of roughly 200,000 ZEC to the fund, worth about $110 million at current prices. The document also makes clear that the contemplated transaction is not a binding purchase agreement or commitment, and that the investor could ultimately buy more shares, fewer shares, or none at all. In the same filing, Grayscale disclosed the Orchard vulnerability reported in June and the later Ironwood upgrade, which disabled the affected shielded pool and added protections against counterfeit ZEC. The filing also noted weaker trading activity, with spot ZEC ETF volume down sharply from a peak above $23 million in November 2025, while ZCSH has not posted a daily trading volume above $5 million since June.

Cypherpunk Technologies said it acquired a Zcash mining fleet from Winklevoss Capital in an equity deal valued at $33.33 million, expanding its push into ZEC. The company says the fleet is already running at U.S. facilities and is producing about 4.2 GSol/s, or roughly 18% of Zcash’s current network hashrate. Cypherpunk also said it holds 323,394 ZEC, about 1.9% of circulating supply, and aims to reach 5% ownership. The move comes after ZEC surged in the second half of 2025 and after Zcash’s Ironwood upgrade went live on July 28.

Cypherpunk Mining said it has officially launched and that its 4.2 Gsol/s of Equihash hashrate deployed in the United States has made it the world’s largest Zcash miner. The company said the scale came through a $33.333333 million asset purchase agreement with Winklevoss Capital, under which it took over a fleet of Bitmain Z15 Pro miners that had previously been deployed across multiple U.S. locations. Cypherpunk said the operation is currently producing about 7,800 ZEC per month and is already cash-flow positive. The company also said current revenue per unit of electricity from Zcash mining is about twice that of AI data center hosting and three times that of Bitcoin mining, while equipment capital expenditures remain far below those required for AI infrastructure. It added that it has no debt and plans to gradually expand vertical integration into data center and power assets.

Cypherpunk Technologies, a Zcash treasury company backed by Cameron and Tyler Winklevoss, said it plans to shift its focus toward its cancer drug candidate after reporting a net loss of $37.8 million for the first six months of 2026. The company said it expects operating losses to continue for the foreseeable future and warned that it may need to raise substantial capital for upcoming FDA trials unless the price of ZEC rebounds soon. The company holds roughly $157 million worth of ZEC, yet Nasdaq traders value the whole business at about $74 million, leaving the stock at around 0.47x mNAV on its base asset value. Even using the company’s own enterprise value framework, which includes prefunded warrants and other incentives, the multiple rises only to 0.96x, still below the value of its ZEC holdings. Cypherpunk’s cancer candidate, the anti-DKK1 antibody sirexatamab, failed to beat the control arm on progression-free survival in all patients in a randomized Phase 2 study. Still, the FDA granted Fast Track designation in May and agreed to a Phase 3 colorectal cancer trial design involving about 270 patients. As of June 30, the company held $7.6 million in cash and cash equivalents, had an accumulated deficit of $500 million, and owned 323,394 ZEC, or 1.92% of circulating supply.

Balaji Srinivasan, former CTO of Coinbase, said on a Cypherpunk podcast that crypto is more of an ideological movement than a business. He argued banks and political systems have failed, making exit and self-sovereignty necessary — with privacy as the missing piece. He framed Bitcoin's two key innovations as Ethereum-style programmability and Zcash-style privacy, and said the current phase through 2030 belongs to privacy, powered by ZK tech and applications like ZKYC and ZK DEX.

Zcash treasury firm Cypherpunk revealed on X that Ironwood has overtaken Orchard to become the largest shielded pool on Zcash, with 1,976,378 ZEC locked, worth over $1 billion.

Shielded Labs, a support organization for Zcash, has appointed zSTASH founder Frank Braun as an independent member of its board, according to a post from executive director Jason McGee. McGee described Braun as an active participant in the Zcash community and said his role on the board will be to provide oversight. That oversight is intended to help make sure Shielded Labs stays aligned with its mission while keeping its work centered on improving the security and resilience of Zcash. The appointment adds a community figure with direct ties to the Zcash ecosystem to the organization’s governance structure.