Cypherpunk Technologies (CYPH)
Market Price (6/27/2026): $0.629 | Market Cap: $105.7 MilSector: Financials | Industry: Asset Management & Custody Banks
Cypherpunk Technologies (CYPH)
Market Price (6/27/2026): $0.629Market Cap: $105.7 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Crypto & Blockchain, and Cybersecurity. Themes include Digital Asset Custody, Show more. | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -155% | Penny stockMkt Price is 0.6 Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 121% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -59% High stock price volatilityVol 12M is 410% Key risksCYPH key risks include [1] severe financial instability characterized by persistent losses and negative cash flow, Show more. |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Crypto & Blockchain, and Cybersecurity. Themes include Digital Asset Custody, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -155% |
| Penny stockMkt Price is 0.6 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 121% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -59% |
| High stock price volatilityVol 12M is 410% |
| Key risksCYPH key risks include [1] severe financial instability characterized by persistent losses and negative cash flow, Show more. |
Qualitative Assessment
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Updated on 6/24/2026
Cypherpunk Technologies (CYPH) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Volatility in Zcash (ZEC) holdings significantly impacted financial results, offsetting strategic initiatives.
Cypherpunk Technologies' stock movement was heavily influenced by the volatile price of Zcash, which is a core component of its digital asset treasury strategy. In fiscal Q1 2026, which ended March 31, 2026, the company reported a net loss of $77.2 million, primarily driven by a $77.6 million unrealized loss on the fair value of its ZEC treasury holdings as the price of ZEC declined from $508.09 to $240.47 during the quarter. This substantial unrealized loss created a significant drag on reported earnings, preventing sustained upward momentum despite other positive company developments.
2. Strategic pivot to privacy technology and reduced biopharma expenses provided underlying support.
Cypherpunk Technologies advanced its strategic shift towards becoming a leading privacy technology company with a digital asset treasury focused on Zcash. This was evidenced by increasing its Zcash treasury holdings to 314,185.70 ZEC by mid-May 2026 and making a $5 million investment in Zcash Open Development Lab (ZODL) in fiscal Q1 2026. Concurrently, the company significantly reduced its research and development expenses by winding down clinical programs, dropping from $12.9 million in fiscal Q1 2025 to $0.2 million in fiscal Q1 2026. This reduction in operational burn rate likely provided a fundamental floor for the stock by improving liquidity and capital allocation capacity, counteracting some of the negative impact from ZEC price volatility.
Show more
Cypherpunk Technologies (CYPH) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Volatility in Zcash (ZEC) holdings significantly impacted financial results, offsetting strategic initiatives.
Cypherpunk Technologies' stock movement was heavily influenced by the volatile price of Zcash, which is a core component of its digital asset treasury strategy. In fiscal Q1 2026, which ended March 31, 2026, the company reported a net loss of $77.2 million, primarily driven by a $77.6 million unrealized loss on the fair value of its ZEC treasury holdings as the price of ZEC declined from $508.09 to $240.47 during the quarter. This substantial unrealized loss created a significant drag on reported earnings, preventing sustained upward momentum despite other positive company developments.
2. Strategic pivot to privacy technology and reduced biopharma expenses provided underlying support.
Cypherpunk Technologies advanced its strategic shift towards becoming a leading privacy technology company with a digital asset treasury focused on Zcash. This was evidenced by increasing its Zcash treasury holdings to 314,185.70 ZEC by mid-May 2026 and making a $5 million investment in Zcash Open Development Lab (ZODL) in fiscal Q1 2026. Concurrently, the company significantly reduced its research and development expenses by winding down clinical programs, dropping from $12.9 million in fiscal Q1 2025 to $0.2 million in fiscal Q1 2026. This reduction in operational burn rate likely provided a fundamental floor for the stock by improving liquidity and capital allocation capacity, counteracting some of the negative impact from ZEC price volatility.
Show more
Updated on 6/24/2026
Cypherpunk Technologies (CYPH) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Volatility in Zcash (ZEC) holdings significantly impacted financial results, offsetting strategic initiatives.
Cypherpunk Technologies' stock movement was heavily influenced by the volatile price of Zcash, which is a core component of its digital asset treasury strategy. In fiscal Q1 2026, which ended March 31, 2026, the company reported a net loss of $77.2 million, primarily driven by a $77.6 million unrealized loss on the fair value of its ZEC treasury holdings as the price of ZEC declined from $508.09 to $240.47 during the quarter. This substantial unrealized loss created a significant drag on reported earnings, preventing sustained upward momentum despite other positive company developments.
2. Strategic pivot to privacy technology and reduced biopharma expenses provided underlying support.
Cypherpunk Technologies advanced its strategic shift towards becoming a leading privacy technology company with a digital asset treasury focused on Zcash. This was evidenced by increasing its Zcash treasury holdings to 314,185.70 ZEC by mid-May 2026 and making a $5 million investment in Zcash Open Development Lab (ZODL) in fiscal Q1 2026. Concurrently, the company significantly reduced its research and development expenses by winding down clinical programs, dropping from $12.9 million in fiscal Q1 2025 to $0.2 million in fiscal Q1 2026. This reduction in operational burn rate likely provided a fundamental floor for the stock by improving liquidity and capital allocation capacity, counteracting some of the negative impact from ZEC price volatility.
3. Broader cryptocurrency market downturn and cautious investor sentiment constrained upward movement.
The period between February and June 2026 was marked by significant volatility and a "severe correction" in the broader cryptocurrency market. Bitcoin, for instance, experienced a decline from an intraweek high of $72,840 to lows near $64,100 in June 2026, driven by record ETF outflows and institutional selling. February 2026 was also a "risk-off" month for digital assets, characterized by weak institutional demand. Although there was a temporary lift in sentiment due to a US-Iran peace agreement in June 2026, this was accompanied by continued Bitcoin spot ETF outflows. These negative macroeconomic and market-specific headwinds in the cryptocurrency sector, where Cypherpunk has substantial exposure through its ZEC holdings, likely contributed to cautious investor sentiment, with Wall Street consensus showing 0 buy, 3 hold, and 1 sell ratings. This prevented the stock from achieving a sustained upward trajectory despite its strategic pivot and efforts in privacy technology.
Show less
Cypherpunk Technologies (CYPH) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Volatility in Zcash (ZEC) holdings significantly impacted financial results, offsetting strategic initiatives.
Cypherpunk Technologies' stock movement was heavily influenced by the volatile price of Zcash, which is a core component of its digital asset treasury strategy. In fiscal Q1 2026, which ended March 31, 2026, the company reported a net loss of $77.2 million, primarily driven by a $77.6 million unrealized loss on the fair value of its ZEC treasury holdings as the price of ZEC declined from $508.09 to $240.47 during the quarter. This substantial unrealized loss created a significant drag on reported earnings, preventing sustained upward momentum despite other positive company developments.
2. Strategic pivot to privacy technology and reduced biopharma expenses provided underlying support.
Cypherpunk Technologies advanced its strategic shift towards becoming a leading privacy technology company with a digital asset treasury focused on Zcash. This was evidenced by increasing its Zcash treasury holdings to 314,185.70 ZEC by mid-May 2026 and making a $5 million investment in Zcash Open Development Lab (ZODL) in fiscal Q1 2026. Concurrently, the company significantly reduced its research and development expenses by winding down clinical programs, dropping from $12.9 million in fiscal Q1 2025 to $0.2 million in fiscal Q1 2026. This reduction in operational burn rate likely provided a fundamental floor for the stock by improving liquidity and capital allocation capacity, counteracting some of the negative impact from ZEC price volatility.
3. Broader cryptocurrency market downturn and cautious investor sentiment constrained upward movement.
The period between February and June 2026 was marked by significant volatility and a "severe correction" in the broader cryptocurrency market. Bitcoin, for instance, experienced a decline from an intraweek high of $72,840 to lows near $64,100 in June 2026, driven by record ETF outflows and institutional selling. February 2026 was also a "risk-off" month for digital assets, characterized by weak institutional demand. Although there was a temporary lift in sentiment due to a US-Iran peace agreement in June 2026, this was accompanied by continued Bitcoin spot ETF outflows. These negative macroeconomic and market-specific headwinds in the cryptocurrency sector, where Cypherpunk has substantial exposure through its ZEC holdings, likely contributed to cautious investor sentiment, with Wall Street consensus showing 0 buy, 3 hold, and 1 sell ratings. This prevented the stock from achieving a sustained upward trajectory despite its strategic pivot and efforts in privacy technology.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -0.9% change in CYPH stock from 2/28/2026 to 6/26/2026 was primarily driven by a -75.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.62 | 0.62 | -0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 41 | 168 | -75.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| CYPH | -0.9% | |
| Market (SPY) | 6.6% | 56.7% |
| Sector (XLF) | 4.7% | 8.8% |
Fundamental Drivers
The -59.6% change in CYPH stock from 11/30/2025 to 6/26/2026 was primarily driven by a -75.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.53 | 0.62 | -59.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 41 | 168 | -75.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| CYPH | -59.6% | |
| Market (SPY) | 7.3% | 48.3% |
| Sector (XLF) | 1.3% | 15.6% |
Fundamental Drivers
The 63.6% change in CYPH stock from 5/31/2025 to 6/26/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.38 | 0.62 | 63.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 41 | 168 | -75.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| CYPH | 63.6% | |
| Market (SPY) | 25.1% | 13.2% |
| Sector (XLF) | 6.7% | 7.6% |
Fundamental Drivers
The -93.1% change in CYPH stock from 5/31/2023 to 6/26/2026 was primarily driven by a -92.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.90 | 0.62 | -93.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 13 | 168 | -92.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| CYPH | -93.1% | |
| Market (SPY) | 81.3% | 12.2% |
| Sector (XLF) | 77.0% | 9.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CYPH Return | 44% | -86% | -8% | -31% | -60% | -48% | -97% |
| Peers Return | -17% | -61% | 39% | 51% | -38% | 13% | -53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CYPH Win Rate | 42% | 25% | 50% | 33% | 33% | 50% | |
| Peers Win Rate | 43% | 28% | 40% | 42% | 40% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CYPH Max Drawdown | -55% | -87% | -86% | -64% | -93% | -60% | |
| Peers Max Drawdown | -62% | -71% | -64% | -63% | -70% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DTIL, XFOR, ALLO, XNCR, MSTR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | CYPH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.8% | -18.8% |
| % Gain to Breakeven | 84.5% | 23.1% |
| Time to Breakeven | 180 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.7% | -9.5% |
| % Gain to Breakeven | 111.5% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.8% | -6.7% |
| % Gain to Breakeven | 107.3% | 7.1% |
| Time to Breakeven | 51 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.7% | -33.7% |
| % Gain to Breakeven | 147.9% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.6% | -3.7% |
| % Gain to Breakeven | 34.4% | 3.9% |
| Time to Breakeven | 272 days | 6 days |
In The Past
Cypherpunk Technologies's stock fell -45.8% during the 2025 US Tariff Shock. Such a loss loss requires a 84.5% gain to breakeven.
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Asset Allocation
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| Event | CYPH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.8% | -18.8% |
| % Gain to Breakeven | 84.5% | 23.1% |
| Time to Breakeven | 180 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.7% | -9.5% |
| % Gain to Breakeven | 111.5% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.8% | -6.7% |
| % Gain to Breakeven | 107.3% | 7.1% |
| Time to Breakeven | 51 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.7% | -33.7% |
| % Gain to Breakeven | 147.9% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.6% | -3.7% |
| % Gain to Breakeven | 34.4% | 3.9% |
| Time to Breakeven | 272 days | 6 days |
In The Past
Cypherpunk Technologies's stock fell -45.8% during the 2025 US Tariff Shock. Such a loss loss requires a 84.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cypherpunk Technologies (CYPH)
Leap Therapeutics, Inc., a biopharmaceutical company, acquires and develops therapies for the treatment of cancer. Its lead clinical stage programs include DKN-01, a monoclonal antibody that inhibits Dickkopf-related protein 1, which is in multiple ongoing clinical trials for treating esophagogastric, hepatobiliary, gynecologic, and prostate cancers. Leap Therapeutics, Inc. has an option and license agreement with BeiGene, Ltd. to develop and commercialize DKN-01 in Asia (excluding Japan), Australia, and New Zealand. The company was formerly known as HealthCare Pharmaceuticals, Inc. and changed its name to Leap Therapeutics, Inc. in November 2015. Leap Therapeutics, Inc. was incorporated in 2011 and is based in Cambridge, Massachusetts.
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Cypherpunk Technologies Inc. (CYPH) faces several key risks due to its unique dual business model, which includes a digital asset treasury strategy focused on Zcash (ZEC) and the development of cancer therapies through its subsidiary, Leap Therapeutics, Inc..
The primary risks include:
1. Cryptocurrency Price Volatility and Market Conditions
Cypherpunk Technologies has a significant portion of its assets tied to Zcash (ZEC) as part of its digital asset treasury strategy. The price of cryptocurrencies, including ZEC, is highly volatile, which directly impacts the value of Cypherpunk's holdings and can lead to substantial unrealized losses. This volatility can also cause the company's common stock price to be highly correlated to the price of ZEC.2. Regulatory and Legal Uncertainty in the Digital Asset Space
The digital asset industry, particularly for privacy-focused cryptocurrencies like Zcash, is subject to significant legal, commercial, regulatory, and technical uncertainties. Regulatory scrutiny on privacy coins could restrict mainstream institutional adoption, directly impacting Cypherpunk's business model and the value of its digital assets. Changes in these conditions could adversely affect the company's operations and financial performance.3. Risks Associated with Biopharmaceutical Development
Through its subsidiary Leap Therapeutics, Inc., Cypherpunk Technologies continues to develop novel therapies for cancer, including clinical-stage programs like DKN-01. Biopharmaceutical development inherently involves substantial risks, such as the failure of clinical trials, delays in regulatory approvals, and the high capital expenditure required for research and development. The dual pressure of funding biotech R&D and managing a volatile crypto treasury creates complex cash flow dynamics and financial challenges, including a history of net losses and negative operating cash flow.AI Analysis | Feedback
Emergence of Highly Effective Next-Generation Precision Oncology Therapies: The rapid development and clinical success of novel and highly personalized cancer treatments, such as advanced cell therapies (e.g., universal CAR-T cells optimized for solid tumors), gene editing therapies, or highly potent multi-specific antibodies/ADCs, pose an emerging threat. Should these next-generation therapies demonstrate significantly superior efficacy, safety, or broader applicability in the esophagogastric, hepatobiliary, gynecologic, and prostate cancers targeted by DKN-01, they could diminish the market opportunity and clinical relevance of DKN-01, analogous to how more advanced technologies disrupt existing ones.
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Addressable Markets for Cypherpunk Technologies (CYPH)
Cypherpunk Technologies (CYPH) operates in two main areas: a digital asset treasury strategy focused on Zcash and the development of novel cancer therapies through its subsidiary, Leap Therapeutics, Inc..
Privacy-Enhancing Technologies (PET) Market
- The global privacy-enhancing technologies market was estimated at USD 3,120.9 million in 2024 and is projected to reach USD 12,094.4 million by 2030, demonstrating a compound annual growth rate (CAGR) of 25.3% from 2025 to 2030.
- North America accounted for a substantial 39.8% share of the global privacy-enhancing technologies market in 2023.
- The U.S. privacy-enhancing technology market was valued at approximately USD 0.8 billion in 2024 and is anticipated to grow to USD 5.4 billion by 2032, with a CAGR of about 26.9%.
Blockchain Technology Market
- The global blockchain technology market size was estimated at USD 31.28 billion in 2024 and is projected to reach USD 1,431.54 billion by 2030, with a remarkable CAGR of 90.1% from 2025 to 2030.
- North America held a dominant share of 37.41% in the global blockchain technology market in 2024.
Oncology/Cancer Therapeutics Market
- The global oncology market was estimated at USD 320.3 billion in 2024 and is expected to grow to USD 866.1 billion by 2034, at a CAGR of 10.8% during the forecast period from 2025 to 2034.
- Another estimate indicates the global oncology market size was calculated at US$279.98 billion in 2026 and is projected to reach around US$748.17 billion by 2035, expanding at a CAGR of 11.54% between 2026 and 2035.
- The North American oncology market held approximately a 43% share in the global oncology market in 2024.
- The U.S. oncology market was valued at US$81.34 billion in 2025 and is projected to reach US$211.78 billion by 2034, growing at a CAGR of 11.75%.
- The global oncology drugs market size was valued at USD 135,494.17 million in 2020 and is projected to reach USD 274,400.63 million by 2030, with a CAGR of 7.5% from 2021 to 2030.
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Expected Revenue Growth Drivers for Cypherpunk Technologies (CYPH)
Cypherpunk Technologies Inc. (CYPH) operates with a dual business model, focusing on a digital asset treasury strategy anchored by Zcash (ZEC) and the continued development of oncology product candidates through its subsidiary, Leap Therapeutics, Inc. Over the next 2-3 years, the company's revenue growth is expected to be driven by the following factors:
- Appreciation and Strategic Management of its Zcash (ZEC) Digital Asset Treasury: Cypherpunk Technologies is actively acquiring and holding Zcash (ZEC) as a core component of its digital asset treasury strategy, believing in the long-term value of privacy technology. Revenue growth can be realized through the appreciation of its ZEC holdings and strategic management or disposition of these assets.
- Growth in Adoption and Utility of the Zcash Protocol: The company actively participates in the development and governance of privacy-centric blockchain networks, particularly Zcash. Investments, such as the $5 million into Zcash Open Development Lab (ZODL), aim to enhance Zcash's usability and drive its adoption. Increased adoption and utility of the Zcash protocol are expected to generate demand for ZEC, thereby benefiting Cypherpunk's treasury holdings and potentially leading to revenue from related services or validator operations.
- Commercialization of Oncology Product Candidates through Leap Therapeutics: Although the company has strategically shifted its primary focus towards digital assets, its wholly-owned subsidiary, Leap Therapeutics, Inc., continues to develop novel therapies for cancer. The successful progression of drug candidates like DKN-01 (currently in multiple clinical trials) and FL-501 through clinical development, regulatory approval, and eventual market launch could generate significant revenue from product sales.
- Strategic Collaborations and Expansion into New Digital Asset or Privacy Technology Ventures: Cypherpunk Technologies is engaging in strategic collaborations within the blockchain and digital asset space, aimed at expanding its digital asset portfolio and enhancing market competitiveness. This could lead to new revenue streams from partnerships, the launch of innovative cybersecurity products, or the development of new services related to privacy technology, leveraging the company's mission to advance technologies guaranteeing privacy.
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Share Issuance
- In September 2021, the company completed a public offering of common stock and pre-funded warrants, generating approximately $104 million in gross proceeds and $96.8 million in net proceeds.
- In October 2025, as part of a private placement, Leap Therapeutics issued 15,212,311 shares of common stock, pre-funded warrants for up to 80,768,504 shares, and warrants for an additional 71,985,605 shares, resulting in aggregate gross proceeds of $58.88 million.
Inbound Investments
- In October 2025, Leap Therapeutics secured a $58.88 million private investment in public equity (PIPE) led by Winklevoss Capital to initiate a digital asset treasury strategy, while also supporting its ongoing therapeutic programs.
Outbound Investments
- In January 2023, Leap Therapeutics acquired Flame Biosciences in an all-stock deal, gaining Flame's clinical-stage anti-Claudin18.2 monoclonal antibody FL-301 and approximately $50 million in net cash.
- In November 2025, following its rebranding to Cypherpunk Technologies, the company deployed approximately $50 million from the Winklevoss Capital investment to acquire 203,775.27 ZEC (Zcash) as part of its new digital asset treasury strategy.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Cypherpunk Technologies Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.65 |
| Mkt Cap | 0.5 |
| Rev LTM | 27 |
| Op Inc LTM | -69 |
| FCF LTM | -101 |
| FCF 3Y Avg | -132 |
| CFO LTM | -76 |
| CFO 3Y Avg | -82 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -17.7% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | -37.1% |
| QoQ Delta Rev Chg LTM | -9.8% |
| Op Inc Chg LTM | 19.9% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | -152.4% |
| Op Mgn 3Y Avg | -77.7% |
| QoQ Delta Op Mgn LTM | -38.1% |
| CFO/Rev LTM | -160.9% |
| CFO/Rev 3Y Avg | -123.1% |
| FCF/Rev LTM | -612.0% |
| FCF/Rev 3Y Avg | -132.0% |
Price Behavior
Price Behavior
| Market Price | $0.62 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 01/25/2017 | |
| Distance from 52W High | -79.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.93 | $0.89 |
| DMA Trend | up | up |
| Distance from DMA | -33.7% | -30.2% |
| 3M | 1YR | |
| Volatility | 184.0% | 410.4% |
| Downside Capture | 882.76 | 516.11 |
| Upside Capture | 446.48 | 508.71 |
| Correlation (SPY) | 57.1% | 14.2% |
CYPH Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 7.54 | 4.69 | 5.51 | 5.67 | 3.42 | 1.80 |
| Up Beta | 11.83 | 4.89 | 6.70 | 7.14 | -3.99 | 0.71 |
| Down Beta | 0.89 | 2.63 | 3.34 | 5.84 | 5.15 | 1.72 |
| Up Capture | 782% | 444% | 1113% | 824% | 2441% | 319% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 19 | 31 | 56 | 115 | 330 |
| Down Capture | 825% | 615% | 379% | 314% | 206% | 114% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 22 | 32 | 68 | 134 | 412 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CYPH | |
|---|---|---|---|---|
| CYPH | 119.8% | 409.6% | 1.08 | - |
| Sector ETF (XLF) | 5.5% | 14.5% | 0.15 | 8.5% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 14.0% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 10.2% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -6.7% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | -2.4% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 13.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CYPH | |
|---|---|---|---|---|
| CYPH | -48.7% | 206.6% | 0.26 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 10.0% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 13.9% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 7.0% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | -0.8% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 7.8% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 8.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CYPH | |
|---|---|---|---|---|
| CYPH | -38.4% | 162.1% | 0.18 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.55 | 10.3% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 14.4% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 8.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 3.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 8.7% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 15.4% | 22.1% | -37.5% |
| 3/16/2026 | 12.6% | 1.2% | 27.7% |
| 11/12/2025 | 368.6% | 578.9% | 229.1% |
| 8/14/2025 | -28.1% | -20.8% | -11.9% |
| 5/13/2025 | 6.6% | 10.6% | 16.2% |
| 3/26/2025 | 16.9% | -24.9% | 1.3% |
| 11/13/2024 | -7.7% | -16.9% | -3.7% |
| 8/12/2024 | -3.4% | 1.0% | 14.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 16 |
| # Negative | 9 | 10 | 8 |
| Median Positive | 6.1% | 10.0% | 15.3% |
| Median Negative | -3.2% | -5.5% | -20.4% |
| Max Positive | 368.6% | 578.9% | 229.1% |
| Max Negative | -28.1% | -24.9% | -37.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 15.4% | 22.1% | -37.5% |
| 3/16/2026 | 12.6% | 1.2% | 27.7% |
| 11/12/2025 | 368.6% | 578.9% | 229.1% |
| 8/14/2025 | -28.1% | -20.8% | -11.9% |
| 5/13/2025 | 6.6% | 10.6% | 16.2% |
| 3/26/2025 | 16.9% | -24.9% | 1.3% |
| 11/13/2024 | -7.7% | -16.9% | -3.7% |
| 8/12/2024 | -3.4% | 1.0% | 14.5% |
| 5/13/2024 | 1.8% | -5.4% | -19.1% |
| 3/18/2024 | -3.2% | 14.0% | 34.8% |
| 11/13/2023 | 3.6% | 32.6% | 114.5% |
| 8/14/2023 | 1.7% | -8.9% | -26.7% |
| 5/15/2023 | 0.0% | 44.4% | 61.9% |
| 3/24/2023 | -3.7% | -0.7% | 7.0% |
| 11/14/2022 | 12.6% | -3.2% | -21.7% |
| 8/12/2022 | -0.8% | 1.5% | 3.8% |
| 5/13/2022 | 34.6% | 24.3% | 2.7% |
| 3/11/2022 | -0.6% | 4.0% | 0.0% |
| 11/12/2021 | 2.9% | -3.8% | 1.3% |
| 8/13/2021 | 1.2% | 2.4% | 6.6% |
| 5/14/2021 | 6.1% | 9.5% | 23.0% |
| 3/12/2021 | 4.8% | 4.4% | -23.2% |
| 11/12/2020 | -3.1% | -5.7% | 21.4% |
| 8/13/2020 | -2.6% | -1.5% | -5.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 16 |
| # Negative | 9 | 10 | 8 |
| Median Positive | 6.1% | 10.0% | 15.3% |
| Median Negative | -3.2% | -5.5% | -20.4% |
| Max Positive | 368.6% | 578.9% | 229.1% |
| Max Negative | -28.1% | -24.9% | -37.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/24/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/24/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mirabelli, Christopher | Direct | Sell | 3302026 | 0.71 | 60,000 | 42,630 | 92,632 | Form | |
| 2 | Mirabelli, Christopher | See footnotes | Sell | 11192025 | 3.14 | 676,319 | 2,123,642 | 6,707 | Form | |
| 3 | Cavanaugh, James H | See footnotes | Sell | 11192025 | 3.14 | 261,840 | Form | |||
| 4 | Onsi, Douglas E | CEO,CFO,Pres.,GC,Treas.&Sec. | See footnotes | Sell | 11192025 | 3.14 | 676,319 | 2,123,642 | 6,707 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mirabelli, Christopher | Direct | Sell | 3302026 | 0.71 | 60,000 | 42,630 | 92,632 | Form | |
| 2 | Mirabelli, Christopher | See footnotes | Sell | 11192025 | 3.14 | 676,319 | 2,123,642 | 6,707 | Form | |
| 3 | Cavanaugh, James H | See footnotes | Sell | 11192025 | 3.14 | 261,840 | Form | |||
| 4 | Onsi, Douglas E | CEO,CFO,Pres.,GC,Treas.&Sec. | See footnotes | Sell | 11192025 | 3.14 | 676,319 | 2,123,642 | 6,707 | Form |
Industry Resources
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| FDIC Data |
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| SeekingAlpha | ValueLine |
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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Core Cache Last Updated: 6/26/2026