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Cypherpunk posts $39.4M profit as Zcash revaluation lifts results
The firm booked a $46.0 million unrealized gain tied to its ZEC holdings, while it reported a $4.7 million operating loss and ended June 30 with ZEC priced at $400.09 per token.
Cypherpunk Technologies, the Zcash treasury firm and owner of the biotech business Leap Therapeutics, reported $39.4 million in second-quarter net income, reversing a $16.6 million loss from a year earlier. The swing was driven by a $46 million unrealized gain on its ZEC treasury rather than core operations.
Cypherpunk recorded a $4.7 million operating loss for the quarter, with $0.2 million in research and development expense and $4.5 million in general and administrative expense. Its accounting reflects price movements for its token holdings without requiring the company to sell, because it marks its Zcash to market at each reporting date.
At June 30, Cypherpunk used a ZEC price of $400.09, valuing its treasury at $129.4 million on its balance sheet. The company said it held 323,394.38 Zcash as of Aug. 11 at an average purchase price of $341.83, and it reported $7.6 million in cash and cash equivalents at June 30.
Separate from its Zcash strategy, Cypherpunk said its wholly owned biotech subsidiary Leap Therapeutics began seeking resources to advance sirexatamab into Phase 3. Leap’s process could include financing as an independent entity or pursuing a transaction, including options such as a partnership, license, collaboration, sale, or other business combination, and Cypherpunk set no timetable and said financing or a transaction is not assured.