Cypherpunk Technologies acquires Zcash mining fleet from Winklevoss Capital

Cypherpunk Technologies Inc. (Nasdaq: CYPH) announced on August 18, 2026 that it had launched Cypherpunk Mining, described as the largest Zcash mining fleet in the world, through a $33.33 million equity-based transaction with Winklevoss Capital.¹ The company said the fleet was deployed with approximately 4.2 GSol/s of Equihash hashrate across the United States, representing roughly 18% of the total Zcash network.¹

The deal structure, detailed in the accompanying 8-K, shows that on August 17, 2026, Cypherpunk and its subsidiary Cypherpunk Mining LLC entered an Asset Purchase Agreement with Moria Mining, LLC and Winklevoss Treasury Investments, LLC (WTI). Under the agreement, Cypherpunk Mining acquired the latest generation Z15 Pro machines with an aggregate hashpower of approximately 4.2 GSol/s along with related hosting agreements, at a purchase price of $33.33 million paid through a pre-funded warrant to WTI for 43,290,042 shares at an exercise price of $0.001 per share, reflecting a stock purchase price of $0.77 per share.¹

The warrant carries an ownership cap: it cannot be exercised if it would push the holder's beneficial ownership above 19.99% of outstanding shares, though the holder may adjust that limit with 61 days' notice, not to exceed 19.99%.¹ Cypherpunk also said it will ask shareholders at its next annual meeting to approve issuance of warrant shares beyond roughly 4.99% of outstanding stock.

Separately, the company disclosed its treasury position, noting it currently holds 323,394.38 ZEC, equal to approximately 1.92% of circulating supply, making it the largest corporate holder of the token.¹ Industry veteran Kevin Zhang was named Head of Mining as part of the announcement.