Cypherpunk Adds Arjun Khemani as Strategic Advisor

Rhea-AI Summary

Cypherpunk Technologies (Nasdaq: CYPH) appointed Arjun Khemani as a Strategic Advisor on Jan 22, 2026 to advise on Zcash ecosystem dynamics and long-term privacy strategy. The hire follows recent advisor additions including Zooko Wilcox and Josh Swihart and aims to support adoption of privacy-preserving infrastructure.

Corporate treasury update: as of Dec 30, 2025 Cypherpunk holds 290,062.67 ZEC at an average acquisition price of $334.41 per ZEC, representing an estimated 1.76% of circulating Zcash supply. The position originated from a $58.88 million private placement led by Winklevoss Capital.

Positive

• Holds 290,062.67 ZEC as of Dec 30, 2025
• ZEC holdings equal an estimated 1.76% of supply
• $58.88M private placement established core treasury position

Negative

• Concentrated treasury exposure to Zcash (290,062.67 ZEC)
• Average acquisition cost of $334.41 per ZEC creates price‑sensitivity risk

News Market Reaction

-0.69%

13 alerts

-0.69% News Effect

-6.4% Trough in 29 hr 31 min

-$345K Valuation Impact

$50M Market Cap

0.8x Rel. Volume

On the day this news was published, CYPH declined 0.69%, reflecting a mild negative market reaction. Argus tracked a trough of -6.4% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $345K from the company's valuation, bringing the market cap to $50M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

ZEC holdings: 290,062.67 ZEC Average ZEC cost: $334.41 per ZEC Circulating supply share: 1.76% +5 more

8 metrics

ZEC holdings 290,062.67 ZEC Corporate treasury as of Dec 30, 2025

Average ZEC cost $334.41 per ZEC Cumulative average acquisition price

Circulating supply share 1.76% Estimated share of total Zcash circulating supply

Private placement size $58.88 million Private placement led by Winklevoss Capital

Equity plan pool 31,454,785 shares 2025 Equity Incentive Plan coverage limit

Authorized shares 500,000,000 shares Post-amendment total authorized share count

Authorized common stock 490,000,000 shares Authorized common shares after charter amendment

Authorized preferred stock 10,000,000 shares Authorized preferred shares after charter amendment

Market Reality Check

Price: $0.7454 Vol: Volume 2,865,369 vs 20-da...

low vol

$0.7454 Last Close

Volume Volume 2,865,369 vs 20-day average 4,223,850 (about 0.68x typical activity) low

Technical Trading below 200-day MA with price at 0.9151 vs 1.43 200-day average

Peers on Argus

No peers flagged in momentum scanners, suggesting the modest -0.71% move was sto...

No peers flagged in momentum scanners, suggesting the modest -0.71% move was stock-specific rather than sector-driven.

Historical Context

4 past events · Latest: Dec 30 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Dec 30	Treasury expansion	Positive	+11.0%	Expanded Zcash treasury to 290,062.67 ZEC and reiterated accumulation target.
Dec 19	Advisor appointment	Positive	+39.0%	Named ECC CEO Josh Swihart as strategic advisor following major placement.
Dec 09	Advisor appointment	Positive	+39.7%	Added Zcash founder Zooko Wilcox as strategic advisor on privacy strategy.
Nov 18	ZEC purchase	Positive	+22.2%	Purchased additional ZEC, raising holdings and network share to 1.43%.

Pattern Detected

Recent Zcash-related treasury and advisor announcements all saw positive next-day reactions, indicating a history of favorable market response to this strategy.

Recent Company History

Over the last few months, Cypherpunk focused on building a Zcash-centric strategy. On Nov 18, 2025, it increased holdings to 233,644.56 ZEC, followed by adding Zcash founder Zooko Wilcox as advisor on Dec 9, 2025. A Dec 19 update highlighted a $58.88 million private placement and further advisory depth. By Dec 30, 2025, ZEC holdings reached 290,062.67 (about 1.76% of supply). Today’s advisor addition continues this Zcash-focused build-out.

Market Pulse Summary

This announcement adds another Zcash-focused strategic advisor as Cypherpunk builds a treasury of 29...

Analysis

This announcement adds another Zcash-focused strategic advisor as Cypherpunk builds a treasury of 290,062.67 ZEC, roughly 1.76% of circulating supply at a $334.41 average cost. Recent history shows a series of Zcash purchases and high-profile advisor appointments around this strategy. At the same time, stockholders approved substantial increases in authorized shares and a sizable equity incentive plan, which introduces dilution risk that investors may weigh against the Zcash-led growth thesis.

Key Terms

private placement, reverse stock split, equity incentive plan, circulating supply

4 terms

private placement financial

"initiated through the $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.

reverse stock split financial

"Stockholders further approved a reverse stock split proposal, a private placement issuance"

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.

circulating supply financial

"These holdings account for an estimated 1.76% of the total circulating Zcash supply."

The circulating supply is the number of a company's shares or a digital token that are actually available for the public to buy, sell, or trade right now, excluding units held back by the company, insiders, or locked for future use. Investors watch it because the amount available affects how easily prices move and how valuable each unit is — like how the price of cookies in a pantry changes if most are kept in a locked box versus spread out on a table.

AI-generated analysis. Not financial advice.

CAMBRIDGE, Mass., Jan. 22, 2026 /PRNewswire/ -- Cypherpunk Technologies Inc. (Nasdaq: CYPH) ("Cypherpunk"), the privacy technology company, today announced that Arjun Khemani has joined the company as a Strategic Advisor. Khemani, a prominent voice in the Zcash ecosystem and the "philosophy of progress" movement, will provide high-level guidance as Cypherpunk accelerates its mission to scale privacy-preserving digital infrastructure.

As a Strategic Advisor, Khemani will offer insights into ecosystem dynamics, the philosophical drivers of privacy adoption, and long-term strategies to foster a culture of digital self-sovereignty. His appointment follows the recent addition of prominent crypto executive and privacy advocate Josh Swihart and Zcash founder Zooko Wilcox as advisors, further strengthening Cypherpunk's position at the forefront of the privacy ecosystem.

"Zcash is the machinery of freedom. I'm excited to help Cypherpunk execute toward that vision. The long promised sci-fi future of infinite frontiers will be made real by encrypted, unstoppable private money." said Arjun Khemani.

Will McEvoy, Chief Investment Officer of Cypherpunk, added:

"Arjun brings deeply rooted convictions around privacy and an intellectually rigorous perspective to our team. His guidance will be core to our work in advancing the adoption of Zcash and accelerating privacy innovation across society."

Recent Momentum: Treasury Expansion

The appointment of Khemani comes amid continued growth in Cypherpunk's corporate treasury, anchored by its expanding long-term position in Zcash. In aggregate as of December 30, 2025, Cypherpunk holds 290,062.67 ZEC, acquired at an average price of $334.41 per ZEC. These holdings account for an estimated 1.76% of the total circulating Zcash supply.

This growing treasury position, initiated through the $58.88 million private placement led by Winklevoss Capital, underscores Cypherpunk's conviction in Zcash as a core, long-term asset and its strategy to provide institutional-grade exposure to privacy-preserving technologies.

About Arjun Khemani
Arjun Khemani is a writer and the host of the Arjun Khemani Podcast, where he explores the intersection of cryptography, rational optimism, and human progress. Known for his deep dives into Zcash's privacy features and zero-knowledge proofs, he is a vocal advocate for the idea that digital privacy is essential for a free future of infinite frontiers.

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 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 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
ir@cypherpunk.com 

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

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

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SOURCE Cypherpunk Technologies Inc.

FAQ

Who is Arjun Khemani and why did Cypherpunk (CYPH) appoint him on Jan 22, 2026?

Arjun Khemani is a prominent Zcash ecosystem voice; Cypherpunk named him Strategic Advisor to guide Zcash adoption and privacy strategy.

How much Zcash does Cypherpunk (CYPH) hold as of Dec 30, 2025?

Cypherpunk holds 290,062.67 ZEC as of Dec 30, 2025.

What is Cypherpunk's average cost per ZEC and what does that mean for CYPH shareholders?

The reported average acquisition cost is $334.41 per ZEC; this is the company's stated cost basis for its ZEC treasury position.

What percentage of the Zcash supply does Cypherpunk's treasury represent?

Cypherpunk's ZEC holdings represent an estimated 1.76% of circulating Zcash supply.

How was Cypherpunk's Zcash position funded and how large was the transaction?

The core treasury position originated from a $58.88 million private placement led by Winklevoss Capital.

Does Arjun Khemani's appointment signal strategic changes for Cypherpunk (CYPH)?

The company says the appointment strengthens advisory depth to accelerate Zcash adoption and privacy-focused infrastructure efforts.