Cypherpunk Technologies Inc. 

CYPH Price

🌱 1d

What is the Cypherpunk Technologies (CYPH) tokenized stock?

Cypherpunk Technologies Inc. (Nasdaq: CYPH) is a US privacy-technology company running a corporate Zcash (ZEC) treasury strategy — the TradFi-tokenization angle that lets crypto traders take perpetual-futures exposure to a Nasdaq-listed Zcash holding company. On DropsTab, the tracked CYPH asset is derivative price exposure to the equity, not an on-chain token. Cypherpunk Technologies accumulates ZEC, operates a Zcash mining fleet, and states a target of holding up to 5% of Zcash supply. Douglas E. Horn serves as President and CEO.

Is Cypherpunk Technologies a crypto company?

The operating company is a crypto business: Cypherpunk Technologies' corporate strategy centers on accumulating Zcash, mining ZEC, and holding a ZEC treasury. The CYPH instrument traded on crypto venues is not itself a cryptocurrency — it is a derivative, meaning USDT-margined perpetual futures referencing the Nasdaq-listed equity. Cypherpunk Technologies has no on-chain token and no token supply. Josh Swihart, CEO of Zcash steward Electric Coin Company, joined as strategic advisor in December 2025.

What was Cypherpunk Technologies before the Leap Therapeutics rebrand?

Cypherpunk Technologies was previously clinical-stage biotech Leap Therapeutics, Inc. (ticker LPTX). Leap Therapeutics rebranded to Cypherpunk Technologies on November 12–13, 2025, and the CYPH ticker began trading at that point. The pivot to a Zcash treasury was funded by a $58.9M private placement, with proceeds initially earmarked for the digital-asset strategy plus the legacy FL-501 and sirexatamab programs.

How much Zcash does Cypherpunk Technologies hold?

Per the company's own treasury ledger, Cypherpunk Technologies held roughly 1.9% of Zcash circulating supply as of August 11, 2026, with a stated target of up to 5%. The initial deployment put about $50M into 203,775.27 ZEC around the November 2025 rebrand, with further purchases afterward. Concentration risk is explicit: the company reported a $77.2M loss for Q1 2026, driven largely by unrealized ZEC-linked derivative losses.

What is Cypherpunk Mining?

Cypherpunk Mining is the company's Zcash mining operation, launched on August 18, 2026. The fleet was activated through a $33.33M equity-based transaction with Winklevoss Capital and runs approximately 4.2 GSol/s of Equihash hashrate — reported as roughly 18% of the Zcash network at launch. The operation produced 3,023.13 ZEC between August 18 and August 31, 2026, credited to the corporate treasury.

Who owns or backs Cypherpunk Technologies?

Winklevoss Capital is the lead backer: the firm led the $58,888,888 private placement that closed October 9, 2025, priced under Nasdaq "Minimum Price" rules. Winklevoss Capital received the right to nominate two directors, one as board chair, and Cameron and Tyler Winklevoss took chairman and advisor roles. Per company filings, Winklevoss Capital is simultaneously lead investor, mining counterparty, and — through Gemini — a trading-execution venue, a multi-role concentration that carries governance risk.

Does CYPH have a token supply, vesting schedule, or on-chain contract?

No — CYPH has no token supply, no on-chain contract, and no vesting schedule. The tracked asset is perpetual-futures exposure to a Nasdaq-listed equity, so token concepts such as maximum supply, unlock calendars, or TGE do not apply; equity-side share dilution is documented in SEC filings instead. The separately listed CYPHB "bStocks" wrapper is a different instrument with different custody — the two should not be conflated.

How is CYPH traded — spot or perpetual futures?

CYPH trades exclusively as USDT-margined perpetual futures. Per DropsTab data, the instrument carries zero spot pairs and zero DEX markets; tracked venues include Binance Futures (CYPHUSDT), OKX (CYPH-USDT-SWAP), KuCoin Futures (CYPHUSDTM), Bitunix (CYPH_USDT), and Gate.io (CYPH_USDT). Because exposure is derivatives-only, availability depends on each venue's perp market, liquidity is venue-dependent, and no on-chain redemption path exists.