Cypherpunk Technologies (CYPH)
Market Price (12/4/2025): $1.26 | Market Cap: $52.2 MilSector: Health Care | Industry: Biotechnology
Cypherpunk Technologies (CYPH)
Market Price (12/4/2025): $1.26Market Cap: $52.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96% | Weak multi-year price returns2Y Excs Rtn is -98%, 3Y Excs Rtn is -149% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Crypto & Blockchain, and Cybersecurity. Themes include Digital Asset Custody, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -63 Mil |
| Stock price has recently run up significantly6M Rtn6 month market price return is 224% | ||
| 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 -353% | ||
| High stock price volatilityVol 12M is 402% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96% |
| 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 -98%, 3Y Excs Rtn is -149% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| 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 -63 Mil |
| Stock price has recently run up significantly6M Rtn6 month market price return is 224% |
| 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 -353% |
| High stock price volatilityVol 12M is 402% |
Valuation, Metrics & Events
CYPH Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
1. Cypherpunk Technologies underwent a significant rebrand from Leap Therapeutics, accompanied by a substantial $58.9 million investment from Winklevoss Capital. This strategic move signaled a pivot towards acquiring and holding privacy-focused cryptocurrency Zcash, drawing considerable market attention.
2. The company made substantial acquisitions of Zcash (ZEC), initially purchasing 203,775 ZEC for approximately $50 million and later an additional 29,869.29 ZEC for $18 million. These large investments, with plans to scale holdings to 5% of Zcash's total supply, significantly boosted investor confidence amid optimism in blockchain advancements.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CYPH Return | 101% | 44% | -86% | -8% | -31% | -59% | -90% |
| Peers Return | 6% | -1% | -7% | -13% | -25% | 2% | -34% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| CYPH Win Rate | 50% | 42% | 25% | 50% | 33% | 30% | |
| Peers Win Rate | 29% | 21% | 25% | 27% | 15% | 60% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| CYPH Max Drawdown | -5% | -40% | -87% | -71% | -59% | -92% | |
| Peers Max Drawdown | -19% | -10% | -17% | -24% | -25% | -2% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, ACSB, ALPS, APRI, BBOT.
[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] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | CYPH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -96.8% | -25.4% |
| % Gain to Breakeven | 2984.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.2% | -33.9% |
| % Gain to Breakeven | 151.3% | 51.3% |
| Time to Breakeven | 329 days | 148 days |
| 2018 Correction | ||
| % Loss | -93.7% | -19.8% |
| % Gain to Breakeven | 1496.5% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to VRTX, ACSB, ALPS, APRI, BBOT
In The Past
Cypherpunk Technologies's stock fell -96.8% during the 2022 Inflation Shock from a high on 9/30/2021. A -96.8% loss requires a 2984.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to CYPH. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.1% | 4.1% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -9.8% | -9.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.0% | 6.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.7% | 9.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.2% | 6.2% | -5.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.1% | 4.1% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -9.8% | -9.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.0% | 6.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.7% | 9.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.2% | 6.2% | -5.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Cypherpunk Technologies
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.19 |
| Mkt Cap | 59.2 |
| Rev LTM | 0 |
| Op Inc LTM | -92 |
| FCF LTM | -60 |
| FCF 3Y Avg | 1,005 |
| CFO LTM | -60 |
| CFO 3Y Avg | 1,183 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Mgn LTM | -0.8% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 31.7% |
| CFO/Rev 3Y Avg | 23.1% |
| FCF/Rev LTM | 28.5% |
| FCF/Rev 3Y Avg | 19.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 59.2 |
| P/S | 8.5 |
| P/EBIT | 11.1 |
| P/E | 13.5 |
| P/CFO | 13.3 |
| Total Yield | -172.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -99.9% |
| D/E | 0.0 |
| Net D/E | -0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.7% |
| 3M Rtn | 16.8% |
| 6M Rtn | 113.7% |
| 12M Rtn | -25.8% |
| 3Y Rtn | -16.5% |
| 1M Excs Rtn | 8.7% |
| 3M Excs Rtn | 11.3% |
| 6M Excs Rtn | 99.0% |
| 12M Excs Rtn | -42.1% |
| 3Y Excs Rtn | -87.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5132025 | 10-Q 3/31/2025 |
| 12312024 | 3262025 | 10-K 12/31/2024 |
| 9302024 | 11132024 | 10-Q 9/30/2024 |
| 6302024 | 8122024 | 10-Q 6/30/2024 |
| 3312024 | 5132024 | 10-Q 3/31/2024 |
| 12312023 | 3182024 | 10-K 12/31/2023 |
| 9302023 | 11132023 | 10-Q 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5152023 | 10-Q 3/31/2023 |
| 12312022 | 3242023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 8122022 | 10-Q 6/30/2022 |
| 3312022 | 5132022 | 10-Q 3/31/2022 |
| 12312021 | 3112022 | 10-K 12/31/2021 |
| 9302021 | 11122021 | 10-Q 9/30/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |