Cypherpunk Makes $5M Investment into Zcash Open Development Lab (ZODL)

Cypherpunk (Nasdaq: CYPH) invested $5M in Zcash Open Development Lab (ZODL) on March 9, 2026, marking its first technology investment beyond ZEC.

Rhea-AI Summary

Cypherpunk (Nasdaq: CYPH) invested $5M in Zcash Open Development Lab (ZODL) on March 9, 2026, marking its first technology investment beyond ZEC. ZODL, led by former ECC CEO Josh Swihart, houses the Zashi wallet tech (now Zodl) that helped grow Orchard shielded pool from ~1M to ~4M ZEC in 2025.

Cypherpunk holds 294,743.10 ZEC at an average cost of $335.89, representing ~1.78% of the network; the investment is positioned to expand wallet and protocol-level adoption for Zcash.

Positive

• ZODL investment expands Cypherpunk exposure to privacy infrastructure
• Orchard growth from ~1M to ~4M ZEC in 2025 tied to Zashi wallet
• ZEC treasury of 294,743.10 ZEC (avg cost $335.89) equals ~1.78% network ownership

Negative

• None.

Argus Mar 9 session

+5.69% close to close Open Argus

Details

News Market Reaction – CYPH

On Mar 9, the day this news came out, CYPH closed 5.69% above the previous close.

Data tracked by StockTitan Argus for the Mar 9 session.

Key Figures

ZODL investment: $5M Orchard pool growth: From ~1M ZEC to ~4M ZEC Current ZEC holdings: 294,743.10 ZEC +2 more

ZODL investment

$5M

Initial technology investment outside of ZEC

Orchard pool growth

From ~1M ZEC to ~4M ZEC

Growth during 2025 attributed to Zashi wallet UX

Current ZEC holdings

294,743.10 ZEC

Cypherpunk ZEC treasury position disclosed in release

Average ZEC acquisition price

$335.89

Average cost basis for current ZEC holdings

Network ownership

~1.78%

Cypherpunk share of Zcash network

Historical Context

5 past events · Latest: Jan 22

5 events

1. Jan 22

   Advisor appointment

   24h Move

   -0.7%

   Added Arjun Khemani as strategic advisor on Zcash and long-term privacy.

2. Dec 30

   Treasury expansion

   24h Move

   +11.0%

   Announced expanded Zcash treasury position to 290,062.67 ZEC.

3. Dec 19

   Advisor appointment

   24h Move

   +39.0%

   Named ECC CEO Josh Swihart as strategic advisor on Zcash strategy.

4. Dec 09

   Advisor appointment

   24h Move

   +39.7%

   Added Zcash founder Zooko Wilcox as strategic advisor on privacy protocols.

5. Nov 18

   Treasury expansion

   24h Move

   +22.2%

   Purchased additional 29,869.29 ZEC for $18M, lifting network share to 1.43%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

orchard shielded pool, intellectual property, protocol level

3 terms

orchard shielded pool technical

"its simple UX allowed for the Orchard shielded pool to grow from ~1M ZEC"

Orchard shielded pool is a privacy layer in a cryptocurrency that lets users send and receive funds without publicly revealing the sender, recipient, or transaction amount. Think of it as putting a payment inside a sealed envelope and storing that envelope in a locked safe: the transfer still happens, but outsiders cannot see the details. For investors, such privacy features can affect user adoption, regulatory scrutiny, liquidity, and the perceived value or risk of assets that support private transactions.

intellectual property technical

"houses the Zashi wallet technology and related intellectual property, aims to make"

Intellectual property are legal rights that protect creations of the mind—such as inventions, brand names, designs, software, or secret formulas—giving the owner control over who can use, copy or sell them. For investors, IP is like owning a blueprint or recipe: it can generate steady income through exclusive sales or licensing, boost a company’s competitive edge and valuation, and also create costs or risks if rights must be defended or challenged in court.

protocol level technical

"continued development of the wallet, as well as supporting Zcash at the protocol level."

Protocol level describes the specific degree, stage or layer at which a formal set of rules or procedures is applied—whether in clinical trials, regulatory processes, or technology systems. It tells investors how detailed or stringent the procedures are and where an activity sits in a sequence of steps; like knowing whether a recipe is at preparation, cooking, or plating stage, it helps gauge risk, timeline and how much work remains before an outcome is reliable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Cypherpunk expands its holdings with new $5M investment in Zcash company, ZODL, alongside key investors including a16z, Winklevoss Capital, Coinbase, Paradigm, Chapter One, David Friedberg, Balaji Srinivasan, and others

CAMBRIDGE, Mass., March 9, 2026 /PRNewswire/ -- Cypherpunk Technologies Inc., (Nasdaq: CYPH) today announced the company has invested $5M into Zcash Open Development Lab (ZODL) marking its first technology investment outside of ZEC. ZODL was founded and is led by former Electric Coin Company (ECC) CEO Josh Swihart.

At ECC, Josh and his team, who have joined him at ZODL, launched the top Zcash wallet, Zashi, now rebranded to Zodl. Zashi was arguably the single biggest factor responsible for putting Zcash back on the map last year. In particular, its simple UX allowed for the Orchard shielded pool to grow from ~1M ZEC to ~4M ZEC during the span of 2025.

ZODL, which now houses the Zashi wallet technology and related intellectual property, aims to make Zcash easier to use with continued development of the wallet, as well as supporting Zcash at the protocol level.

The new investment strongly aligns with Cypherpunk's mission of advancing technologies that guarantee privacy for all humans on the internet and gives its shareholders exposure to a private company building critical privacy infrastructure on the frontier.

"True to their name, Cypherpunk is backing the builders who will put shielded ZEC in the hands of billions. We're grateful for their support and proud to partner with them in bringing private digital money to the global mainstream." – Josh Swihart, CEO of ZODL

The investment in ZODL is highly synergistic with Cypherpunk's ZEC treasury.

"As ZODL makes Zcash easier to use, we expect adoption of the protocol to grow alongside demand for ZEC." – Cameron and Tyler Winklevoss

Swihart joined Cypherpunk in December as a strategic advisor. Cypherpunk's current total ZEC holdings stand at 294,743.10, at an average price of $335.89, bringing the company's total network ownership to ~1.78%.

"ZODL and Cypherpunk are the two most important companies in privacy. We're excited to embark together on this mission of accelerating technology that defends self-sovereignty and secures human freedom." – Will McEvoy, Chief Investment Officer of Cypherpunk

About Cypherpunk

Cypherpunk Technologies Inc. is a privacy technology company implementing a digital asset treasury strategy anchored by Zcash and, through its subsidiary Leap Therapeutics, Inc., is developing novel therapies for patients with cancer. The Company is aiming to build long-term shareholder value by acquiring ZEC, participating in the development of privacy technologies and Zcash, and continuing the development of sirexatamab and FL-501 to treat patients with cancer. For more information about the Company, visit our websites at http://www.cypherpunk.com and http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov or via https://investors.leaptx.com/.

About Winklevoss Capital

Winklevoss Capital is an investment firm founded in 2012 by Cameron and Tyler Winklevoss that invests in frontier technologies.

FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Forward-looking statements address various matters including statements relating to the investment in Zcash Open Development Lab ("ZODL"), ZEC, or digital assets held or to be held by the Company, the expected future market, price and liquidity of ZEC or other digital assets the Company acquires, the macro and political conditions surrounding Zcash or digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, and future financial condition and performance. Risks and uncertainties of the digital asset treasury strategy include, among others: (a) the risk that the Company will fail to realize the anticipated benefits of the investment in ZODL and the digital asset treasury strategy; (b) changes in business, market, financial, political and regulatory conditions; (c) risks relating to the Company's operations and business, including the highly volatile nature of the price of cryptocurrencies, including ZEC; (d) the risk that the price of the Company's Common Stock may be highly correlated to the price of ZEC or other digital assets that it holds; (e) risks related to increased competition in the industries in which the Company does and will operate; (f) risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; and (g) risks relating to the treatment of crypto assets for U.S. and foreign tax purposes. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. The Company may not actually achieve the forecasts disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the SEC, or as may be included in other reports or information we file with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in its subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the Company, nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.

CONTACT:

Douglas E. Onsi
President & Chief Executive Officer
Cypherpunk Technologies Inc.
617-714-0360
ir@cypherpunk.com 

For Media:
Jacqueline Ortiz Ramsay
It Factor Strategies
954-294-3249
jacqueline@itfactorstrategies.com 

For Investors:
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
leap@argotpartners.com

 

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SOURCE Cypherpunk Technologies Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cypherpunk (CYPH) announce on March 9, 2026?

Cypherpunk announced a $5M investment in Zcash Open Development Lab (ZODL). According to the company, this marks its first technology investment outside of its ZEC holdings and aims to support wallet and protocol development for Zcash.

How does the $5M ZODL investment affect Cypherpunk's ZEC exposure (CYPH)?

The investment diversifies exposure while remaining privacy-focused. According to the company, Cypherpunk keeps its ZEC treasury of 294,743.10 ZEC and adds private-company exposure to Zcash infrastructure.

What role did Zashi (now Zodl) play in Zcash adoption cited by Cypherpunk?

Zashi wallet technology materially expanded shielded usage. According to the company, Zashi enabled Orchard pool growth from ~1M ZEC to ~4M ZEC during 2025 by simplifying UX and adoption.

How much of the Zcash network does Cypherpunk claim to own after the investment?

Cypherpunk reports total network ownership of approximately 1.78%. According to the company, this is based on holdings of 294,743.10 ZEC at an average cost of $335.89 per ZEC.

Who leads ZODL and what strategic ties exist between Cypherpunk and ZODL?

ZODL is led by former ECC CEO Josh Swihart, who also joined Cypherpunk as advisor in December. According to the company, the groups will collaborate on wallet and protocol work to increase Zcash usability and adoption.