Nasdaq-listed Cypherpunk Technologies acquired 56,418 Zcash (ZEC) tokens for approximately $29 million on December 30.
The purchase brings the privacy-focused technology company's total holdings to 290,062.67 ZEC, representing an estimated 1.76% of the circulating supply.
Cypherpunk paid an average price of $514.02 per token for the latest acquisition.
The institutional buying comes as former BitMEX CEO Arthur Hayes predicts Zcash could reach $1,000, citing growing demand for privacy assets.
What Happened
Cypherpunk's cumulative Zcash position was acquired at an average price of $334.41 per token, according to the company's announcement.
Will McEvoy, CIO of Cypherpunk Technologies, stated the company continues executing on its goal of accumulating 5% of the Zcash network.
The purchase follows Zcash's slight rally since Hayes issued his $1,000 price target on December 29.
The token currently trades around $535.
Grayscale's Q4 2025 report identified Zcash as the top performer among privacy coins tracked by the investment firm.
Over 5 million ZEC tokens are now locked in shielded addresses, representing approximately 30% of circulating supply.
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Why It Matters
The institutional accumulation demonstrates growing corporate appetite for privacy-focused cryptocurrencies as regulatory scrutiny intensifies globally.
Zcash has gained over 800% year-to-date in 2025, significantly outperforming Bitcoin and Ethereum.
Cypherpunk's stated goal of accumulating 5% of the network supply signals long-term conviction in privacy technology adoption.
Hayes cited Zcash's November 2025 halving event as a supply inflection point that reduced token issuance and contracted available liquidity.
However, regulatory pressure on privacy coins remains a significant risk, with potential enforcement actions capable of driving prices substantially lower.
Cypherpunk Technologies also operates through subsidiary Leap Therapeutics, which develops cancer therapies.
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