Cypherpunk Technologies Inc.

Zcash has climbed about 72% over the past month and more than tripled since July 1, a rally that largely predated Paradigm's September 16 disclosure that it holds ZEC. The token closed at $417 on July 1 and reached $1,337 by September 16, the day Paradigm co-founder Matt Huang said on X that his firm holds ZEC, a 221% gain before the news; since then Zcash has added only about 14%, to $1,520 as of September 22, meaning roughly 83% of the total dollar increase since July came before Paradigm's announcement. Paradigm did not disclose the size of its ZEC holdings and said only that it supports the Zcash Open Development Lab, which develops the Zodl wallet and earlier this year raised a $25 million seed round from Paradigm, Andreessen Horowitz, Coinbase Ventures and Winklevoss Capital. Cypherpunk Technologies, which owned 290,063 ZEC at an average cost of $334 as of December 30, 2025, roughly 1.7% of the 16.87 million coins in circulation, aims to acquire 5% of total supply, implying about 553,000 additional coins, or roughly $840 million at the current price of $1,520. Grayscale filed with the SEC on August 21 to convert its Zcash Trust, ticker ZCSH, into an ETF listed on NYSE Arca, which if approved would let investors gain Zcash exposure through regular brokerage accounts. Zcash's market value is about $25.6 billion at $1,520, only a few percent below its record high, while its all-time price peak of $5,942 dates to October 2016, shortly after launch.