Overview
- Cypherpunk Technologies disclosed buying 203,775 ZEC via a $58.88 million Winklevoss Capital–led private placement, roughly 1.25% of supply.
- The firm said it aims to scale its holdings toward at least 5% of total ZEC, signaling a corporate-treasury style strategy focused on the privacy coin.
- ZEC jumped back above $500 on the news, with reported intraday gains ranging from about 6% to 21%, while traders watch resistance near $600 and a potential breakout toward $700.
- On-chain privacy use has climbed, with around 29% of ZEC now in shielded pools, a shift that reduces liquid supply and may amplify price swings.
- Developers scheduled Network Upgrade 6.1 for Nov. 23, requiring wallet updates, as Cypherpunk’s rebranded vehicle (from Leap Therapeutics) prepares to trade as CYPH.