Cypherpunk Secures $58.9M, Acquires 294,743 ZEC, Logs 44% Phase 2 ORR
Cypherpunk raised $58.9 million through a private placement led by Winklevoss Capital, rebranding as a privacy tech company and adding 294,743 ZEC to its treasury. Cypherpunk swung to $4.8 million net income, driven by ZEC treasury gains and Phase 2 sirexatamab data showing a 44% ORR in DKK1-high CRC patients.
1. Strategic Rebrand and Private Placement
In October 2025, Cypherpunk closed a $58.9 million private placement led by Winklevoss Capital, issuing over 15 million shares, pre-funded warrants for up to 80.8 million shares, and warrants for nearly 72 million shares. The financing supported the company’s shift to a privacy technology focus under its new Cypherpunk name.
2. ZEC Treasury Accumulation and ZODL Investment
As of March 12, 2026, Cypherpunk holds 294,743.10 ZEC in its digital asset treasury at an average cost of $335.89 per coin, representing 1.78% of Zcash’s circulating supply. In March 2026, the company also invested $5 million in Zcash Open Development Lab, backing the leading Zcash wallet development team.
3. Phase 2 Sirexatamab Trial Results
Leap Therapeutics, a Cypherpunk subsidiary, reported final Part B data from its Phase 2 DeFianCe study in microsatellite stable colorectal cancer. In DKK1-high patients (n=44), sirexatamab plus bevacizumab achieved a 44.0% overall response rate versus 15.8% in the control arm, with median progression-free survival of 9.36 versus 5.88 months.
4. 2025 Financial Turnaround
Cypherpunk posted $4.8 million net income for 2025 compared to a $67.8 million loss in 2024, driven by $50.4 million of unrealized gains on ZEC holdings and reduced research and development spending after completing its sirexatamab Phase 2 program. R&D expenses fell to $25.7 million from $57.2 million year-over-year.