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Cypherpunk Technologies reported a $39.4 million second-quarter profit after rising Zcash prices produced a $46 million unrealized gain on its crypto treasury. The result contrasts with large accounting losses reported by Bitcoin treasury company Strategy and Ether-focused Sharplink during the same quarter.
Zcash rose from $243.35 to $400.09 during the three months ended June 30, according to Cypherpunk. The company’s latest results reverse a $77.2 million first-quarter loss, when falling ZEC prices produced a $77.6 million unrealized loss.
Zcash Rally Drives $46 Million Treasury Gain
Cypherpunk held 323,394.38 ZEC as of August 11 at an average purchase price of $341.83. Cypherpunk said the position represents approximately 1.92% of Zcash’s circulating supply, while the company has previously outlined a longer-term goal of accumulating as much as 5%.
The company was previously biotechnology firm Leap Therapeutics before shifting toward a Zcash-focused digital asset treasury strategy in November 2025. Its strategy centers on Zcash and investments in privacy-related technologies. Cypherpunk Chief Investment Officer Will McEvoy said:
“In an increasingly AI-driven economy, the demand for true privacy is moving from a technical preference to a civilizational necessity.”
Bitcoin and Ether Treasuries Report Heavy Losses
Strategy reported an $8.32 billion unrealized loss on its Bitcoin holdings during the second quarter as Bitcoin prices declined. The company recorded an overall net loss of $8.22 billion for the period.
Ether-focused Sharplink also reported a $394.3 million second-quarter net loss. That included a $321 million unrealized loss on crypto assets and a $76.1 million impairment charge related to its LsETH and weETH holdings.
Cypherpunk’s quarter shows how digital asset treasury results can vary sharply depending on the cryptocurrency held and its price at the reporting date. Its $46 million ZEC gain remains unrealized, meaning the accounting benefit reflects higher market value rather than profit from selling the tokens.
