Cypherpunk Deepens Bet on Zcash, Raising Questions About Privacy Coins in Corporate Treasuries
Nasdaq-listed Cypherpunk Technologies is doubling down on Zcash (ZEC), sparking debate about whether privacy-focused cryptocurrencies could play a role similar to Bitcoin in corporate treasuries.
The company recently purchased 56,418 ZEC for roughly $29 million, bringing its total holdings to 290,062 ZEC, or about 1.76% of Zcash’s circulating supply. The average price of its total position is $334 per token, while the latest batch came at around $514 each.
Long-Term Goal: 5% of the Zcash Network
Cypherpunk’s CIO Will McEvoy said the company aims to eventually hold 5% of the Zcash network. The strategy reflects a growing focus on financial privacy and potential expansion into other privacy-focused technologies.
The firm, formerly Leap Therapeutics, rebranded in November to Cypherpunk Technologies and has repositioned itself as a Zcash-focused digital asset company. Its stock has surged almost 170% since the rebrand, climbing from about $0.44 to $1.18.
Zcash Performance
Zcash itself has been one of the strongest performers in crypto this year, rising over 800% in the past 12 months and trading around $530. Bitcoin, by comparison, is down roughly 5% over the same period. Even in the past week, ZEC jumped nearly 27%, though daily trading volume has halved to around $499 million, suggesting a slowdown after the recent surge.
Zcash vs. Bitcoin as a Treasury Asset
Zcash shares many structural similarities with Bitcoin, including a 21 million coin cap and a proof-of-work blockchain, but its standout feature is privacy. Using zk-SNARKs, Zcash allows transactions to hide sender, recipient, and amount, while still offering optional transparency through viewing keys.
This privacy angle is shaping how companies approach ZEC. Bitcoin’s appeal as a corporate treasury asset comes from verifiable scarcity, liquidity, and regulatory clarity. Companies typically hold BTC as a long-term store of value or hedge against macro risk.
Zcash, on the other hand, is seen more as a privacy hedge. Cypherpunk and a handful of other firms, including Reliance Global Group, have cited the protection of sensitive financial activity as a key reason to hold ZEC. Like Bitcoin, Zcash does not generate cash flow, so any potential returns come from price appreciation.
Mixed Views on Zcash’s Future
Market opinions are divided. Former BitMEX CEO Arthur Hayes sees ZEC potentially reaching $1,000, pointing to shifts in liquidity that could favor privacy-focused assets. Others are more cautious: analyst Eric Van Tassel suggests a pullback toward $400, while macro investor Raoul Pal calls Zcash’s rally more of a capital rotation than a confirmed long-term trend.
Even with its recent surge, Zcash remains over 80% below its all-time high of $3,191, leaving its long-term corporate treasury potential still uncertain.
