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Here are 1-3 brief analogies for Cypherpunk Technologies (CYPH):

• Like a smaller MicroStrategy (MSTR), focused on Bitcoin and digital privacy assets.

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Cypherpunk Technologies (CYPH) is primarily an investment company focused on privacy-enhancing technologies and digital assets. Its major services are:

• Strategic Investment in Privacy-Enhancing Technologies: This service involves deploying capital into businesses and projects that develop solutions for data privacy, security, and anonymity.
• Investment in Digital Assets and Cryptocurrencies: This service entails managing a portfolio of various digital assets, including cryptocurrencies, to generate returns for shareholders.

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Cypherpunk Technologies (CYPH) primarily focuses on developing and investing in privacy-enhancing technologies, including software products like Wasabi Wallet. Based on the nature of these offerings, the company primarily sells its privacy-enhancing services to individuals.

The categories of individual customers Cypherpunk Technologies serves include:

• Privacy-Conscious Cryptocurrency Users: These individuals prioritize anonymity and data protection in their financial transactions within the cryptocurrency ecosystem. They actively seek tools to obscure transaction origins, destinations, and amounts to enhance their financial privacy and mitigate blockchain surveillance.
• Digital Rights Advocates and Cypherpunks: This category encompasses individuals who are ideologically aligned with the principles of digital privacy, freedom, and censorship resistance. They often use privacy-enhancing technologies as a matter of principle and to support the development of a more private digital economy.
• Early Adopters and Tech Enthusiasts: These users are often at the forefront of adopting new blockchain technologies and advanced privacy tools. They are typically interested in the technical aspects and innovative features that provide greater transactional privacy and control over their digital assets.

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Douglas E. Onsi, Director, Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary

Douglas E. Onsi holds multiple executive roles at Cypherpunk Technologies Inc.. He is listed as Director, Chief Executive Officer, Chief Financial Officer, President, Treasurer, and Secretary.

Khing Oei, Chairman of the Board

Khing Oei was appointed Chairman of the Board of Cypherpunk Technologies effective November 11, 2025. He is a seasoned investor with a strong track record in public, private, and digital markets. Oei is the Founder and CEO of Treasury, a euro-denominated Bitcoin treasury firm. Prior to Treasury, he founded and served as CEO of Captur (formerly AlphaSwap), a decentralized asset management platform. He was also the Founder and Chief Investment Officer of Eyck Capital, a London-based event-driven hedge fund managing over $200 million in assets. Before that, Oei was a Managing Principal and Portfolio Manager at Bardin Hill (formerly Halcyon), a $10 billion multi-strategy hedge fund, where he led European distressed investments and managed a $2.5 billion CLO platform as CEO of its European operations. His career began at Goldman Sachs in the Special Situations Group and included work at Fortress Investment Group's Drawbridge Special Opportunities Fund.

Will McEvoy, Chief Investment Officer

Will McEvoy was appointed Cypherpunk Technologies' first-ever Chief Investment Officer, effective November 11, 2025, and also serves as a Board Member. He is a Principal at Winklevoss Capital, an investment firm that led a $58.88 million private placement for Cypherpunk Technologies to initiate its digital asset treasury strategy. At Winklevoss Capital, he invests across various sectors including crypto, space, energy, bio, and defense. Before joining Winklevoss Capital, McEvoy conducted Bitcoin and crypto research at Fundstrat and contributed to building a high-performing client platform at Dynasty Financial Partners.

Augustine J. Lawlor, Chief Operating Officer

Augustine J. Lawlor serves as the Chief Operating Officer of Cypherpunk Technologies Inc..

Cynthia Sirard, Chief Medical Officer

Cynthia Sirard is the Chief Medical Officer of Cypherpunk Technologies Inc..

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The key risks to Cypherpunk Technologies (CYPH) primarily stem from its strategic pivot to a digital asset treasury model, particularly its heavy reliance on Zcash (ZEC), coupled with severe underlying financial instability.

1. Extreme Financial Instability and Lack of Profitability: Cypherpunk Technologies is currently facing significant financial distress, characterized by a stark decline in revenue and substantial operational losses. The company has reported deeply negative pre-tax profit margins, negative returns on assets and equity, and a persistent net loss, indicating a fundamental struggle to achieve profitability and manage its resources effectively. This is further compounded by negative operating cash flow and pressing debt obligations, which raise significant liquidity concerns and may hinder future strategic investments.
2. High Volatility and Market Risk of Digital Asset Holdings: The company's core business strategy now revolves around its digital asset treasury, heavily invested in Zcash (ZEC). Cryptocurrencies, including ZEC, are inherently highly volatile, exposing Cypherpunk Technologies to considerable market risk from rapid and unpredictable price fluctuations. The value of the company's common stock may be highly correlated with the price of ZEC, meaning significant drops in Zcash's value could directly and adversely impact Cypherpunk's financial position and stock performance.
3. Regulatory and Legal Uncertainty in the Digital Asset Space: Cypherpunk Technologies operates within an "extensive and highly evolving and uncertain regulatory landscape" concerning digital assets. There is significant legal, commercial, regulatory, and technical uncertainty, particularly regarding the classification of crypto assets as "securities." Adverse changes to laws, their interpretation, or enforcement could lead to regulatory scrutiny, investigations, fines, and other penalties, which would negatively impact the company's brand, business operations, and financial condition.

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The emergence and increasing adoption of spot Bitcoin Exchange Traded Funds (ETFs) which offer a more direct, regulated, and potentially lower-cost method for investors to gain exposure to Bitcoin, thereby diminishing the need for indirect investment vehicles like Cypherpunk Technologies.

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Cypherpunk Technologies (CYPH) has strategically pivoted its focus to the digital asset space, specifically a treasury strategy centered around Zcash (ZEC), and aligning itself with privacy-enhancing technologies and blockchain innovation. The company's value is derived from its position as a public entity holding Zcash and providing compliant exposure to privacy assets, rather than from building specific products in these areas.

The addressable markets for their main focus areas are:

• Privacy-Enhancing Technologies (PET) Market: The global privacy-enhancing technologies market size was estimated at USD 3,120.9 million in 2024 and is projected to reach USD 12,094.4 million by 2030, exhibiting a compound annual growth rate (CAGR) of 25.3% from 2025 to 2030. North America held a significant share of 39.8% in 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 projected to reach USD 5.4 billion by 2032, growing at a CAGR of around 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, growing at a CAGR of 90.1% from 2025 to 2030. North America dominated the global blockchain technology market with a 37.41% share in 2024.

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1. Appreciation of Zcash Holdings: Cypherpunk Technologies has strategically pivoted to a digital asset treasury strategy, acquiring a substantial amount of Zcash (ZEC) with the intent to accumulate up to 5% of its total circulating supply. Future revenue growth will be significantly driven by the appreciation in the market value of these ZEC holdings.
2. Participation in Zcash Ecosystem Development: The company plans to actively participate in the development of Zcash. This involvement could enhance the value and adoption of Zcash, indirectly benefiting Cypherpunk Technologies' ZEC holdings and potentially opening avenues for future revenue streams related to Zcash infrastructure or services.
3. Strategic Partnerships and Alliances in Digital Assets: Cypherpunk Technologies' rebranding and new strategic direction are supported by substantial financial backing, including a significant investment led by Winklevoss Capital. These strategic partnerships are expected to foster new revenue opportunities within blockchain innovation, digital privacy, and cryptocurrency treasury management.
4. Development and Monetization of Privacy-Focused Digital Asset Infrastructure: With its new identity and focus on "privacy-crypto infrastructure, blockchain strategy, and self-sovereignty technology," Cypherpunk Technologies is positioning itself for potential future revenue generation through new services or products in the privacy-enhancing technology sector, extending beyond just holding digital assets.

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Share Repurchases

• Cypherpunk Technologies reported no repurchase of stock for the three months ended June 2025, and zero for the trailing twelve months ended June 2025.

Share Issuance

• In October 2025, Cypherpunk Technologies closed a $58.88 million private placement.
• This private placement included the issuance of 15,212,311 shares of common stock, pre-funded warrants for up to 80,768,504 shares, and warrants to purchase an additional 71,985,605 shares.

Inbound Investments

• Winklevoss Capital led a $58.88 million private placement for Cypherpunk Technologies in October 2025.
• Winklevoss Capital was the sole institutional investor in this private placement.

Outbound Investments

• Cypherpunk Technologies initially acquired 203,775.27 ZEC for approximately $50 million.
• On November 18, 2025, the company purchased an additional 29,869.29 ZEC for $18 million.
• These acquisitions bring the total ZEC holdings to 233,644.56, representing 1.43% of the Zcash network, with an average cost of $291.04 per ZEC.