Josh Swihart, ECC CEO, Joins Cypherpunk as Strategic Advisor

Rhea-AI Summary

Cypherpunk Technologies (Nasdaq: CYPH) named Josh Swihart, CEO of Electric Coin Company, as a Strategic Advisor on Dec 19, 2025 to guide Zcash ecosystem and protocol-level strategy. The appointment follows a November rebrand and a $58.88 million private placement led by Winklevoss Capital.

As of Nov 17, 2025 Cypherpunk deployed approximately $68 million to acquire 233,644.56 ZEC (about 1.43% of Zcash supply) and added advisors including Zcash founder Zooko Wilcox.

Positive

• $58.88 million private placement led by Winklevoss Capital
• Deployed approximately $68 million to acquire 233,644.56 ZEC
• Acquired roughly 1.43% of Zcash network supply
• Added high-profile advisors: Josh Swihart and Zooko Wilcox

Negative

• Large crypto treasury: $68 million concentrated in ZEC (233,644.56 ZEC)
• Strategic focus tied to Zcash adoption, creating sector-specific execution risk

Key Figures

Private placement $58.88 million Led by Winklevoss Capital, funding Zcash-focused treasury strategy

Deployed into ZEC $68 million Capital deployed to acquire ZEC as of November 17, 2025

ZEC holdings 233,644.56 ZEC Total ZEC acquired by Cypherpunk as of November 17, 2025

Zcash network share 1.43% Portion of total Zcash network represented by Cypherpunk holdings

Equity plan share pool 31,454,785 shares Maximum shares under 2025 Equity Incentive Plan from recent 8-K

Authorized share increase 250,000,000 to 500,000,000 Total authorized shares after charter amendment approval

Authorized common stock 490,000,000 shares Common stock authorization under amended charter

Authorized preferred stock 10,000,000 shares Preferred stock authorization under amended charter

Market Reality Check

$1.18 Last Close

Volume Volume 3,446,932 is well below 20-day average of 10,410,818 (0.33x relative volume). low

Technical Shares at 0.9351 trade 74.73% below the 52-week high of 3.6999 and below the 200-day MA at 1.69.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 09	Strategic advisor hire	Positive	+39.7%	Added Zcash founder Zooko Wilcox as Strategic Advisor for privacy initiatives.
Nov 18	Treasury and governance	Positive	+22.2%	Expanded ZEC treasury to 1.43% of network and added new board and CIO.

Pattern Detected

Recent Zcash-focused strategic and treasury announcements have coincided with strong positive price reactions.

Recent Company History

This announcement extends a series of Zcash-focused strategic moves by Cypherpunk. On November 18, 2025, the company disclosed additional ZEC purchases, bringing holdings to 233,644.56 ZEC, with shares rising 22.22% over 24 hours. On December 9, 2025, Cypherpunk added Zcash founder Zooko Wilcox as Strategic Advisor, and the stock gained 39.66%. Today’s appointment of ECC CEO Josh Swihart similarly reinforces the company’s Zcash and privacy-technology strategy.

Market Pulse Summary

The stock surged +39.0% in the session following this news. A strong positive reaction aligns with prior Zcash-related catalysts, where similar strategic moves led to gains of 22.22% and 39.66%. The addition of ECC’s CEO deepens Cypherpunk’s alignment with the Zcash ecosystem and follows substantial ZEC accumulation. However, investors also face dilution risk from the newly approved equity plan and expanded authorized share count, and recent insider net selling may temper expectations about the durability of sharp upside moves.

Key Terms

private placement financial

"a $58.88 million private placement led by Winklevoss Capital"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

digital asset financial

"launched a Zcash-focused digital asset treasury strategy"

A digital asset is a representation of value or rights that exists only in electronic form—like digital versions of cash, stocks, or collectibles kept in a virtual wallet. They are transferred and recorded using computer systems that make copying or tampering difficult, and can include currencies, tokenized shares, or unique digital items. Investors care because digital assets can offer new ways to diversify, trade and raise capital, but they also bring different risks around price swings, custody and regulation.

treasury financial

"launched a Zcash-focused digital asset treasury strategy"

The treasury is the department or area within a government or organization responsible for managing its money, finances, and financial strategies. It handles tasks like collecting revenue, paying bills, and planning for future financial needs, much like a household manages its budget. For investors, understanding the treasury is important because it influences interest rates, government spending, and overall economic stability.

preferred stock financial

"490,000,000 designated as common stock and 10,000,000 as preferred stock"

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

reverse stock split financial

"Stockholders further approved a reverse stock split proposal"

A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.

equity incentive plan financial

"approved a new 2025 Equity Incentive Plan that allows up to 31,454,785 shares"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

AI-generated analysis. Not financial advice.

CAMBRIDGE, Mass., Dec. 19, 2025 /PRNewswire/ -- Cypherpunk Technologies Inc. (Nasdaq: CYPH) today announced that Josh Swihart, Chief Executive Officer of Electric Coin Company (ECC), has joined the company as a Strategic Advisor.

Swihart, a leading figure in the Zcash ecosystem, oversees strategy, engineering, and ecosystem coordination at ECC, the organization responsible for developing and stewarding the Zcash protocol. As Strategic Advisor, he will provide guidance on Zcash ecosystem dynamics, protocol-level considerations, and long-term strategies to support privacy-enhancing technologies. His appointment reinforces Cypherpunk's commitment to ZEC as a foundational asset and to the broader principles of self-sovereignty and economic freedom.

"Privacy is necessary for human agency, a conviction I share with the Cypherpunk team," said Swihart. "I am eager to help execute their vision of driving global awareness and unlocking the power of Zcash for the world."

"Josh brings hands-on leadership experience from the frontier of Zcash ecosystem development," said Will McEvoy, Chief Investment Officer of Cypherpunk. "His guidance will be core to our efforts as we take on a larger role in strengthening the Zcash ecosystem and accelerating innovation across the privacy tech stack."

Recent Momentum

Swihart's appointment follows a series of significant milestones for Cypherpunk. In November, the company rebranded from Leap Therapeutics to Cypherpunk Technologies Inc. and launched a Zcash-focused digital asset treasury strategy following a $58.88 million private placement led by Winklevoss Capital. As of November 17, 2025, Cypherpunk had deployed approximately $68 million to acquire 233,644.56 ZEC—representing roughly 1.43% of the total Zcash network supply—while expanding its leadership and governance with Khing Oei as Chairman of the Board and Will McEvoy as Chief Investment Officer. Alongside the recent addition of Zcash founder Zooko Wilcox as Strategic Advisor, these actions underscore Cypherpunk's accelerating execution and long-term commitment to institutional-grade exposure to privacy-preserving digital infrastructure.

Cypherpunk is a company dedicated to privacy and self-sovereignty. As the world becomes increasingly digitized, privacy has become a rare and vanishing commodity. Despite this, privacy enhancing technologies remain under-adopted. Backing privacy today is both a generational mission and a massive opportunity. Privacy is the foundation that allows freedom of speech, thought, and association to thrive. Without it, these freedoms exist only on paper and can't be exercised in practice in a meaningful way. In other words, privacy is the silent precondition of freedom. 

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. Following a $58.88 million private placement led by Winklevoss Capital, the Company is aiming to build long-term shareholder value by acquiring ZEC, participating in the development of 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.

Channels for Disclosure of Information
Going forward, we intend to announce material information to the public through filings with the Securities and Exchange Commission (SEC), the investor relations page on our website, press releases, public conference calls, public webcasts, our X account (@cypherpunk), and our LinkedIn page. The information disclosed in the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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 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 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
donsi@leaptx.com

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

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

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SOURCE Cypherpunk Technologies Inc.

FAQ

Who is Josh Swihart and what role did he take at Cypherpunk (CYPH) on Dec 19, 2025?

Josh Swihart, CEO of Electric Coin Company, joined Cypherpunk as a Strategic Advisor to advise on Zcash ecosystem and protocol strategy.

How much capital did Cypherpunk (CYPH) raise in the November private placement and who led it?

Cypherpunk raised $58.88 million in a private placement led by Winklevoss Capital.

How much Zcash (ZEC) has Cypherpunk acquired and what percent of the network does it represent?

As of Nov 17, 2025 Cypherpunk deployed ~$68 million to buy 233,644.56 ZEC, about 1.43% of the total Zcash supply.

What does Josh Swihart’s advisory role mean for Cypherpunk shareholders (CYPH)?

The role signals strengthened governance and protocol expertise, intended to support Cypherpunk’s Zcash-focused treasury and privacy strategy.

Which other notable advisors joined Cypherpunk alongside Josh Swihart?

Zcash founder Zooko Wilcox was added earlier as a Strategic Advisor.

Where can investors find more details about Cypherpunk’s Zcash treasury and capital actions for CYPH?

Investors should review Cypherpunk’s public filings and investor relations releases for specific transaction details and dates.