Cypherpunk Technologies has expanded its Zcash holdings by purchasing 56,418.09 ZEC for $29 million, elevating total ZEC to 290,062.67 and about 1.76% of the circulating supply, as part of a broader 5% ownership goal.

This latest purchase follows a year of strategic ZEC acquisitions in 2025, including an $18 million buy in November that lifted holdings to roughly 1.43% of circulating supply with a cumulative average cost of $334.41 per token.

Cypherpunk’s Zcash stake now accounts for more than a third of its stated 5% accumulation target, with around 16.5 million ZEC circulating at the time.

Analysts note that incremental accumulation could affect liquidity and trading dynamics, while Cypherpunk emphasizes disciplined execution aligned with market conditions and liquidity constraints.

Cypherpunk leadership, including CIO Will McEvoy, reiterates ongoing execution toward the 5% target and frames privacy-focused assets as a long-term hedge alongside bitcoin.

Cypherpunk, formerly Leap Therapeutics, is a biotechnology-backed rebrand focusing on Zcash as a strategic privacy hedge, with backing from Winklevoss Capital.

Winklevoss Capital describes Zcash as a privacy hedge to bitcoin, underscoring the appeal of privacy-focused crypto amid regulatory scrutiny.

The overarching trend shows growing institutional interest in privacy cryptocurrencies, with Cypherpunk positioning itself as a leading corporate participant in Zcash.

Zcash originated in 2016 as a Bitcoin fork and uses zero-knowledge proofs to enable private transactions, with a supply cap of 21 million coins.

The company’s background includes its rebranding in November and its association with Gemini founders, emphasizing its treasury-driven approach to value extraction from privacy-oriented digital assets.

Industry voices stress Zcash’s privacy as a performance driver, while some analysts warn of a potential pullback toward around $400.

Zcash has surged roughly 800% year-to-date, trading near $536 as Bitcoin trails the period.