Cypherpunk Acquires Zcash Mining Fleet in $33 Million Deal

The fleet, comprised of Bitmain Z15 Pro machines hosted at facilities across the United States, is projected to generate roughly 7,800 ZEC per month. Chief Investment Officer Will McEvoy confirmed that the operation is already cash-flow positive and debt-free. By shifting from open-market purchases to direct production, Cypherpunk aims to grow its current treasury of 323,394 ZEC—roughly 1.92% of the circulating supply—toward a 5% target.

To fund the acquisition, Cypherpunk issued a warrant for 43.29 million common shares to Winklevoss Treasury Investments, valued at $0.77 per share. The transaction includes strict ownership caps and requires shareholder approval for full warrant exercise. Kevin Zhang, an industry veteran with experience at Foundry, has been appointed head of mining to oversee the infrastructure. While the company estimates that Zcash mining currently offers more favorable revenue-per-megawatt metrics than Bitcoin or AI data centers, the operation remains subject to volatility in network difficulty, electricity costs, and the underlying price of ZEC.