CYPH Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About CYPH Interactive Breakdown Better Bets vs. CYPH Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Cypherpunk Technologies (CYPH)

    Market Price (10/15/2026): $2.41 | Market Cap: $444.2 MilSector: Financials | Industry: Asset Management & Custody Banks

    Cypherpunk Technologies (CYPH)

    Market Price (10/15/2026): $2.41
    Market Cap: $444.2 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Crypto & Blockchain, and Cybersecurity. Themes include Digital Asset Custody, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -24%, 3Y Excs Rtn is -7.7%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -18 Mil

    Expensive valuation multiples
    P/EBITPrice/EBIT or Price/(Operating Income) ratio is 384x

    Stock price has recently run up significantly
    6M Rtn6 month market price return is 191%, 12M Rtn12 month market price return is 322%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5%

    High stock price volatility
    Vol 12M is 408%

    Key risks
    CYPH key risks include [1] severe financial instability characterized by persistent losses and negative cash flow, Show more.

    0 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Crypto & Blockchain, and Cybersecurity. Themes include Digital Asset Custody, Show more.
    1 Weak multi-year price returns
    2Y Excs Rtn is -24%, 3Y Excs Rtn is -7.7%
    2 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -18 Mil
    4 Expensive valuation multiples
    P/EBITPrice/EBIT or Price/(Operating Income) ratio is 384x
    5 Stock price has recently run up significantly
    6M Rtn6 month market price return is 191%, 12M Rtn12 month market price return is 322%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5%
    7 High stock price volatility
    Vol 12M is 408%
    8 Key risks
    CYPH key risks include [1] severe financial instability characterized by persistent losses and negative cash flow, Show more.

    CYPH in ETFs

    Weight = CYPH's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31CYPH [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$30.9 Mil—
    FY 2027 Sales$144.8 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth367.7%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-0.9 Mil—
    FY 2026 Net Income (Non-GAAP)$-1.1 Mil—
    FY 2027 Net Income (Non-GAAP)$29.7 Mil—
    FY 2027 Net Income Growth—19.0%
    FY 2026 EPS (Non-GAAP)$-0.01—
    FY 2027 EPS (Non-GAAP)$0.42—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S14.41.7
    FY 2027 P/S3.1—
    FY 2026 P/E—7.7
    FY 2027 P/E15.0—

    [1] CYPH forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    MetricValueDateSource
    Total Zcash (ZEC) Holdings233,644.5611182025Link
    Zcash Network Ownership1.43%11182025Link

    Price Chart

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    Upcoming
    11/11/2026Earnings ReleaseRev: $11 Mil (E)
    EPS: $0.02 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/14/2026

    Cypherpunk Technologies (CYPH) stock has gained about 330% since 6/30/2026 because of the following key factors:

    1. Significant Financial Turnaround Driven by Zcash Treasury Appreciation.

    Cypherpunk Technologies reported strong fiscal Q2 2026 financial results on August 12, 2026, for the quarter ended June 30, 2026. The company achieved a net income of $39.4 million, or $0.18 per diluted share, representing a significant turnaround from a net loss of $16.6 million in fiscal Q2 2025. This profitability was primarily driven by a substantial $46.0 million unrealized gain on its Zcash (ZEC) digital asset treasury holdings, as the price of ZEC increased from $243.35 to $400.09 during fiscal Q2 2026. This performance exceeded analyst estimates by $0.21 per diluted share, bolstering investor sentiment within the specified period.

    2. Expansion into Zcash Mining Operations through a Major Acquisition.

    In a strategic move on August 18, 2026, Cypherpunk Technologies launched what it described as the "world's largest Zcash mining fleet". This initiative involved an equity-based transaction with Winklevoss Capital, acquiring certain assets of Moria Mining, LLC for $33.3 million. The acquisition, paid via a pre-funded warrant for common stock issued to Winklevoss Treasury Investments, LLC, activated 4.2 GSol/s of U.S.-based hashrate, constituting approximately 18% of the Zcash network. This expansion into large-scale mining operations further solidified the company's commitment to its digital asset strategy and generated an additional 3,023.13 ZEC for its treasury in the initial weeks.

    Show more
    Updated on 10/14/2026

    Cypherpunk Technologies (CYPH) stock has gained about 330% since 6/30/2026 because of the following key factors:

    1. Significant Financial Turnaround Driven by Zcash Treasury Appreciation.

    Cypherpunk Technologies reported strong fiscal Q2 2026 financial results on August 12, 2026, for the quarter ended June 30, 2026. The company achieved a net income of $39.4 million, or $0.18 per diluted share, representing a significant turnaround from a net loss of $16.6 million in fiscal Q2 2025. This profitability was primarily driven by a substantial $46.0 million unrealized gain on its Zcash (ZEC) digital asset treasury holdings, as the price of ZEC increased from $243.35 to $400.09 during fiscal Q2 2026. This performance exceeded analyst estimates by $0.21 per diluted share, bolstering investor sentiment within the specified period.

    2. Expansion into Zcash Mining Operations through a Major Acquisition.

    In a strategic move on August 18, 2026, Cypherpunk Technologies launched what it described as the "world's largest Zcash mining fleet". This initiative involved an equity-based transaction with Winklevoss Capital, acquiring certain assets of Moria Mining, LLC for $33.3 million. The acquisition, paid via a pre-funded warrant for common stock issued to Winklevoss Treasury Investments, LLC, activated 4.2 GSol/s of U.S.-based hashrate, constituting approximately 18% of the Zcash network. This expansion into large-scale mining operations further solidified the company's commitment to its digital asset strategy and generated an additional 3,023.13 ZEC for its treasury in the initial weeks.

    3. Robust Balance Sheet and Increased Investor Confidence.

    The company demonstrated a strong financial position with approximately $143 million in total assets, minimal liabilities of around $3.7 million, and virtually no debt. This robust balance sheet, coupled with high liquidity (a current ratio exceeding 79), provided a solid foundation for its operations and strategic initiatives. The combination of the significant Q2 2026 earnings beat and the strategic moves in the digital asset space likely contributed to a surge in investor confidence, propelling the stock from the low $2s to intraday highs above $4.19 in September 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The 327.9% change in CYPH stock from 6/30/2026 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610142026Change
    Stock Price ($)0.612.62327.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)168184-8.8%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/14/2026
    ReturnCorrelation
    CYPH327.9% 
    Market (SPY)3.1%28.1%
    Sector (XLF)1.7%13.6%

    Fundamental Drivers

    The 229.7% change in CYPH stock from 3/31/2026 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610142026Change
    Stock Price ($)0.792.62229.7%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)84184-54.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/14/2026
    ReturnCorrelation
    CYPH229.7% 
    Market (SPY)18.6%38.5%
    Sector (XLF)10.8%1.3%

    Fundamental Drivers

    The 477.1% change in CYPH stock from 9/30/2025 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510142026Change
    Stock Price ($)0.452.62477.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)41184-77.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/14/2026
    ReturnCorrelation
    CYPH477.1% 
    Market (SPY)16.5%14.6%
    Sector (XLF)2.4%9.5%

    Fundamental Drivers

    The 89.9% change in CYPH stock from 9/30/2023 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310142026Change
    Stock Price ($)1.382.6289.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)15184-92.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/14/2026
    ReturnCorrelation
    CYPH89.9% 
    Market (SPY)86.2%12.3%
    Sector (XLF)71.6%9.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CYPH Return44%-86%-8%-31%-60%145%-87%
    Peers Return-17%-61%39%51%-38%12%-53%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    CYPH Win Rate42%25%50%33%33%50% 
    Peers Win Rate43%28%40%42%40%42% 
    S&P 500 Win Rate75%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%-45% 
    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 10/14/2026 (YTD)

    How Low Can It Go

    EventCYPHS&P 500
    2025 US Tariff Shock
      % Loss-45.8%-18.8%
      % Gain to Breakeven84.5%23.1%
      Time to Breakeven180 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-52.7%-9.5%
      % Gain to Breakeven111.5%10.5%
      Time to Breakeven51 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-51.8%-6.7%
      % Gain to Breakeven107.3%7.1%
      Time to Breakeven51 days31 days
    2020 COVID-19 Crash
      % Loss-59.7%-33.7%
      % Gain to Breakeven147.9%50.9%
      Time to Breakeven329 days140 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-25.6%-3.7%
      % Gain to Breakeven34.4%3.9%
      Time to Breakeven272 days6 days

    Compare to DTIL, XFOR, ALLO, XNCR, MSTR

    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.

    EventCYPHS&P 500
    2025 US Tariff Shock
      % Loss-45.8%-18.8%
      % Gain to Breakeven84.5%23.1%
      Time to Breakeven180 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-52.7%-9.5%
      % Gain to Breakeven111.5%10.5%
      Time to Breakeven51 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-51.8%-6.7%
      % Gain to Breakeven107.3%7.1%
      Time to Breakeven51 days31 days
    2020 COVID-19 Crash
      % Loss-59.7%-33.7%
      % Gain to Breakeven147.9%50.9%
      Time to Breakeven329 days140 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-25.6%-3.7%
      % Gain to Breakeven34.4%3.9%
      Time to Breakeven272 days6 days

    Compare to DTIL, XFOR, ALLO, XNCR, MSTR

    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.

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    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    Peer Outperformance in Asset Management & Custody Banks

    CYPH has trailed 95% of its 81 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Asset Management & Custody Banks constituents that CYPH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    100%
    of 101 industry peers · 370.9% return
    3Y
    83%
    of 92 industry peers · 86.8% return
    5Y
    5%
    of 81 industry peers · -91.4% return
    No Asset Management & Custody Banks peer with a comparable growth profile has beaten CYPH by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is CYPH's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 20.1%65.2%115.7% SPNT 172% · RNR 142% · RGA 141%
    Diversified Banks 12 30.2%130.5%97.2% CM 142% · JPM 133% · RY 125%
    Investment Banking & Brokerage 13 -5.0%100.3%93.3% IBKR 406% · SNEX 198% · HOOD 173%
    Life & Health Insurance 20 12.8%52.5%84.5% JXN 486% · UNM 296% · MFC 178%
    Multi-Sector Holdings 4 4.8%53.2%72.5% BRK-B 87% · VOYA 58% · JEF 36%
    Property & Casualty Insurance 42 9.0%72.5%63.4% PGR 174% · TRV 162% · WRB 146%
    Multi-line Insurance 9 7.3%64.8%57.9% GNW 105% · L 96% · AIZ 84%
    Regional Banks 263 28.1%91.6%50.7% CBC 219% · FCNCA 153% · FBP 139%
    Financial Exchanges & Data 15 3.5%44.0%30.2% VIRT 162% · CBOE 150% · CME 68%
    Consumer Finance 30 6.4%86.2%24.2% ENVA 391% · EZPW 303% · FCFS 177%
    Diversified Financial Services 4 -6.2%18.6%10.8% FRHC 174% · EQH 89%
    Insurance Brokers 15 -20.9%-2.3%7.7% LIFE 317% · ARX 88% · AJG 55%
    Asset Management & Custody Banks ← 82 -11.0%16.6%6.9% WT 330% · AAMI 255% · SII 255%
    Commercial & Residential Mortgage Finance 13 -58.4%15.9%-7.6% FNMA 384% · FMCC 341% · ACT 171%
    Specialized Finance 3 11.8%35.4%-13.5% CACC -13% · HASI -17%
    Mortgage REITs 33 -18.1%-5.3%-32.9% RITM 25% · DX 18% · AGNC 7%
    Transaction & Payment Processing Services 17 2.4%-2.8%-43.2% V 85% · MA 82% · CPAY 55%
    Diversified Capital Markets 20 -50.0%16.7%-62.3% LPLA 100% · TW 35% · RIOT -35%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Cypherpunk Technologies Earnings Notes12/16/2025
    Title
    0ARTICLES

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    MYPSPLAYSTUDIOS0.5723.2%521.2%
    KODKodiak Sciences5.1145.8%190.0%
    GRALGRAIL6.084.1%63.2%
    DNAGinkgo Bioworks0.764.9%38.7%
    MRNAModerna90.157.4%667.4%
    IOVAIovance Biotherapeutics6.451.8%420.5%
    PCRXPacira BioSciences1.451.2%40.6%
    PACBPacific Biosciences of California0.648.5%6.4%
    SGSweetgreen1.248.5%50.0%
    RXORXO4.946.6%127.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva9.0-83.9%-79.9%
    XNDUXanadu Quantum Technologies1.0-59.1%-72.3%
    EMATEvolution Metals & Technologies0.9-54.7%-93.0%
    GLASGlass House Brands0.3-54.1%-58.3%
    EOSEEos Energy Enterprises0.7-52.1%-83.0%
    QUREuniQure1.4-51.3%-12.4%
    LQDALiquidia3.0-48.4%-1.6%
    NKTRNektar Therapeutics1.2-44.6%-12.7%
    UNITUniti1.4-42.3%-19.5%
    PCTPureCycle Technologies0.6-42.3%-62.5%

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    Peer Comparisons

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    Financials

    CYPHDTILXFORALLOXNCRMSTRMedian
    NameCypherpu.Precisio.X4 Pharm.Allogene.Xencor Strategy  
    Mkt Price2.416.022.461.2723.06141.694.24
    Mkt Cap0.40.20.30.41.750.00.4
    Rev LTM04516510549830
    Op Inc LTM-18-36-88-180-216-41-64
    FCF LTM-35-52-84-103-208-21,750-93
    FCF 3Y Avg-48-61-105-168-163-19,923-134
    CFO LTM-21-52-84-102-206-20-68
    CFO 3Y Avg-44-60-102-168-157-39-81

    Growth & Margins

    CYPHDTILXFORALLOXNCRMSTRMedian
    NameCypherpu.Precisio.X4 Pharm.Allogene.Xencor Strategy  
    Rev Chg LTM-3,473.0%-51.6%--28.6%7.8%-10.4%
    Rev Chg 3Y Avg-1,154.2%--0.6%0.0%0.6%
    Rev Chg Q--100.0%346.3%-17.5%6.9%12.2%
    QoQ Delta Rev Chg LTM--0.0%75.8%-7.8%1.6%4.7%
    Op Inc Chg LTM71.3%59.6%17.0%25.2%-49.3%34.5%29.8%
    Op Inc Chg 3Y Avg32.7%-330.9%2.9%20.2%-11.7%-199.5%-4.4%
    Op Mgn LTM--80.8%-554.7%-3,886.1%-205.8%-8.1%-205.8%
    Op Mgn 3Y Avg--2,411.7%-7,610.5%--136.0%-9.1%-1,273.9%
    QoQ Delta Op Mgn LTM-6.0%529.7%-12.1%0.1%9.0%
    CFO/Rev LTM--115.2%-528.4%-2,202.5%-196.1%-4.0%-196.1%
    CFO/Rev 3Y Avg--1,752.9%-6,945.0%--124.6%-8.3%-938.7%
    FCF/Rev LTM--116.3%-528.4%-2,211.2%-198.4%-4,364.3%-528.4%
    FCF/Rev 3Y Avg--1,766.4%-7,376.6%--129.1%-4,185.4%-2,975.9%

    Valuation

    CYPHDTILXFORALLOXNCRMSTRMedian
    NameCypherpu.Precisio.X4 Pharm.Allogene.Xencor Strategy  
    Mkt Cap0.40.20.30.41.750.00.4
    P/S-3.519.690.016.7100.219.6
    P/Op Inc-24.7-4.3-3.5-2.3-8.1-1,233.3-6.2
    P/EBIT353.4-3.0-3.8-2.5-13.1-2.3-2.8
    P/E-506.5-3.0-3.4-2.5-10.7-1.6-3.2
    P/CFO-21.1-3.0-3.7-4.1-8.5-2,486.5-6.3
    Total Yield-0.2%-33.8%-29.1%-38.7%-9.2%-60.2%-31.5%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-124.9%-81.2%-305.1%-42.2%-17.6%-39.1%-61.7%
    D/E0.00.20.20.20.10.10.2
    Net D/E-0.0-0.4-0.4-0.6-0.20.1-0.3

    Returns

    CYPHDTILXFORALLOXNCRMSTRMedian
    NameCypherpu.Precisio.X4 Pharm.Allogene.Xencor Strategy  
    1M Rtn-6.6%-12.2%-32.2%-28.7%-6.0%3.5%-9.4%
    3M Rtn220.3%-31.7%-37.1%-33.2%53.9%45.4%6.8%
    6M Rtn167.8%-21.4%-43.3%-41.5%84.3%-1.3%-11.3%
    12M Rtn288.1%2.9%-17.3%3.3%85.5%-52.9%3.1%
    3Y Rtn58.6%-33.1%-90.8%-60.2%22.3%345.3%-5.4%
    1M Excs Rtn5.9%-11.8%-35.1%-29.0%-5.8%6.4%-8.8%
    3M Excs Rtn234.9%-31.3%-39.5%-32.6%50.7%47.1%7.9%
    6M Excs Rtn157.5%-32.6%-54.5%-52.4%73.3%-12.3%-22.4%
    12M Excs Rtn283.7%-9.0%-37.1%-16.9%48.1%-72.2%-13.0%
    3Y Excs Rtn-15.1%-115.6%-171.5%-135.5%-60.6%237.0%-88.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/12/20265/14/20263/16/202611/12/20258/14/20255/13/20253/26/202511/13/20248/12/20245/13/20243/18/202411/13/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Net Income39-7740-3-17-15-15-18-20-14-12-14
    EPS0.21-0.460.48-0.08-0.40-0.37-0.37-0.44-0.52-0.51-0.20-0.51
    Key Financials TTM            
    Total Revenue TTM000000000000
    Net Income TTM-1-575-51-66-69-68-65-60-53-81-81
    Growth Rates Quarterly            
    Total Revenue Growth------------
    Net Income Growth336.7%-399.9%360.5%81.8%17.3%-11.7%-23.8%-32.7%-50.3%67.0%-3.0%9.3%
    Margins Quarterly            
    Net Income Margin------------
    Cash & Debt            
    Total Cash8714101833476378557181
    Total Debt000000000100
    Net Debt / (Cash)-8-7-14-10-18-33-47-62-78-54-70-80
    Cash Flows Quarterly            
    FCF from Operations-3-3-7-8-14-14-16-16-14-16-10-10
    Cash Flows TTM            
    FCF from Operations TTM-21-33-44-53-60-59-60-55-50-47-44-46
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-2.8%-2.9%-3.1%-2.6%-10.1%-13.5%-14.1%-16.7%-19.9%-14.3%-15.2%-15.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-2.8%-4.2%-2.9%-9.6%-12.9%-15.1%-15.4%-15.7%-15.3%-14.3%-22.1%-22.2%

    Segment Financials

    Revenue by Segment
    $ Mil202120202019
    Single Segment220
    Total220


    Assets by Segment
    $ Mil20252024202320222019
    Single Segment1634973707
    Total1634973707


    Price Behavior

    Price Behavior
    Market Price$2.62 
    Market Cap ($ Bil)0.5 
    First Trading Date01/25/2017 
    Distance from 52W High-36.4% 
       50 Days200 Days
    DMA Price$2.22$1.17
    DMA Trendupup
    Distance from DMA18.2%123.6%
     3M1YR
    Volatility165.3%408.0%
    Downside Capture-49.17403.70
    Upside Capture740.38522.76
    Correlation (S&P 500)27.1%14.4%
    CYPH Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta8.194.833.795.054.612.05
    Up Beta7.511.973.743.94-3.620.72
    Down Beta30.198.754.829.937.062.56
    Up Capture1123%1840%1334%1531%14802%2259%
    Bmk +ve Days6162766132424
    Stock +ve Days13253762116343
    Down Capture-302%-741%-315%223%187%112%
    Bmk -ve Days16263760120328
    Stock -ve Days9172764135403

    [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
    CYPH337.0%408.0%1.24-
    Sector ETF (XLF)4.8%14.6%0.0910.3%
    Equity (SPY)17.1%12.7%0.9614.2%
    Gold (GLD)-0.6%29.4%-0.0212.8%
    Commodities (DBC)49.3%20.7%1.82-7.5%
    Real Estate (VNQ)5.7%13.7%0.15-1.2%
    Bitcoin (BTCUSD)-27.9%43.7%-0.6316.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CYPH
    CYPH-39.6%208.6%0.35-
    Sector ETF (XLF)8.9%18.3%0.3510.4%
    Equity (SPY)13.6%17.1%0.6014.7%
    Gold (GLD)17.9%18.9%0.769.1%
    Commodities (DBC)10.0%19.5%0.39-1.6%
    Real Estate (VNQ)1.2%18.8%-0.058.2%
    Bitcoin (BTCUSD)8.5%51.8%0.3411.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CYPH
    CYPH-28.8%162.0%0.29-
    Sector ETF (XLF)13.0%22.1%0.5310.3%
    Equity (SPY)15.4%17.9%0.7314.6%
    Gold (GLD)12.0%16.4%0.609.5%
    Commodities (DBC)8.2%18.1%0.373.0%
    Real Estate (VNQ)4.8%20.7%0.198.8%
    Bitcoin (BTCUSD)63.5%66.2%1.037.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity13.4 Mil
    Short Interest: % Change Since 915202636.5%
    Average Daily Volume22.3 Mil
    Days-to-Cover Short Interest1
    Basic Shares Quantity184.3 Mil
    Short % of Basic Shares7.3%

    Earnings Returns History

    Updated 9/15/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/12/2026-3.2%18.4%223.5%
    5/14/202615.4%22.1%-37.5%
    3/16/202612.6%1.2%27.7%
    11/12/2025368.6%578.9%229.1%
    8/14/2025-28.1%-20.8%-11.9%
    5/13/20256.6%10.6%16.2%
    3/26/202516.9%-24.9%1.3%
    11/13/2024-7.7%-16.9%-3.7%
    ...
    SUMMARY STATS   
    # Positive151517
    # Negative997
    Median Positive6.1%10.6%16.2%
    Median Negative-3.2%-5.7%-21.7%
    Max Positive368.6%578.9%229.1%
    Max Negative-28.1%-24.9%-37.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/12/2026-3.2%18.4%223.5%
    5/14/202615.4%22.1%-37.5%
    3/16/202612.6%1.2%27.7%
    11/12/2025368.6%578.9%229.1%
    8/14/2025-28.1%-20.8%-11.9%
    5/13/20256.6%10.6%16.2%
    3/26/202516.9%-24.9%1.3%
    11/13/2024-7.7%-16.9%-3.7%
    8/12/2024-3.4%1.0%14.5%
    5/13/20241.8%-5.4%-19.1%
    3/18/2024-3.2%14.0%34.8%
    11/13/20233.6%32.6%114.5%
    8/14/20231.7%-8.9%-26.7%
    5/15/20230.0%44.4%61.9%
    3/24/2023-3.7%-0.7%7.0%
    11/14/202212.6%-3.2%-21.7%
    8/12/2022-0.8%1.5%3.8%
    5/13/202234.6%24.3%2.7%
    3/11/2022-0.6%4.0%0.0%
    11/12/20212.9%-3.8%1.3%
    8/13/20211.2%2.4%6.6%
    5/14/20216.1%9.5%23.0%
    3/12/20214.8%4.4%-23.2%
    11/12/2020-3.1%-5.7%21.4%
    SUMMARY STATS   
    # Positive151517
    # Negative997
    Median Positive6.1%10.6%16.2%
    Median Negative-3.2%-5.7%-21.7%
    Max Positive368.6%578.9%229.1%
    Max Negative-28.1%-24.9%-37.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/12/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/18/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/24/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/12/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/18/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/24/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/13/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/13/202110-Q
    03/31/202105/14/202110-Q
    12/31/202003/12/202110-K
    09/30/202011/12/202010-Q
    06/30/202008/13/202010-Q
    03/31/202005/14/202010-Q
    12/31/201903/16/202010-K
    09/30/201911/14/201910-Q

    Insider Activity

    Updated 10/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Oei, Khing DjienDirectSell92520263.92168,750  Form
    2Martin, Patricia ADirectSell92520263.8650,000193,000458,375Form
    3Dietz, Thomas JohnDirectSell82720261.7220,00034,400227,900Form
    4Mirabelli, ChristopherDirectSell33020260.7160,00042,63092,632Form
    5Mirabelli, ChristopherSee footnotesSell111920253.14676,3192,123,6426,707Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Oei, Khing DjienDirectSell92520263.92168,750  Form
    2Martin, Patricia ADirectSell92520263.8650,000193,000458,375Form
    3Dietz, Thomas JohnDirectSell82720261.7220,00034,400227,900Form
    4Mirabelli, ChristopherDirectSell33020260.7160,00042,63092,632Form
    5Mirabelli, ChristopherSee footnotesSell111920253.14676,3192,123,6426,707Form
    6Cavanaugh, James HSee footnotesSell111920253.14261,840  Form
    7Onsi, Douglas ECEO,CFO,Pres.,GC,Treas.&Sec.See footnotesSell111920253.14676,3192,123,6426,707Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 10/14/2026