Cypherpunk Reports $39.4 Million Q2 Net Income as ZEC Holdings Rise

Cypherpunk Technologies (CYPH) reported second-quarter 2026 net income of $39.4 million, or $0.18 per diluted share, compared with a net loss of $16.6 million in the second quarter of 2025. The company said the change was primarily due to a $46.0 million unrealized gain on the fair value of its ZEC treasury holdings.

The company also reported progress at its Leap Therapeutics subsidiary, including FDA alignment on a proposed Phase 3 trial of sirexatamab in DKK1-high, second-line metastatic colorectal cancer and an ongoing strategic process to determine the path forward for the program.

• Zcash treasury holdings totaled 323,394.38 ZEC as of Aug. 11, 2026, at an average purchase price of $341.83.
• Cash and cash equivalents totaled $7.6 million on June 30, 2026.
• ZEC treasury holdings, categorized as digital asset receivable, totaled $129.4 million based on the $400.09 ZEC price on June 30, 2026.
• Research and development expenses were $0.2 million for the quarter, down from $10.5 million a year earlier.
• General and administrative expenses were $4.5 million, up from $1.8 million in the prior-year period.
• Leap Therapeutics reached FDA alignment on a randomized, controlled Phase 3 trial expected to enroll about 270 patients.