Cypherpunk: WTI exercises warrants for 4.94M shares

The exercise was subject to a 19.99% post-exercise beneficial ownership ceiling covering the reporting persons, affiliates and related Section 13(d) group members.

Rhea-AI Filing Summary

Cypherpunk Technologies Inc. (CYPH) had 4,938,801 Pre-Funded Warrants exercised by Winklevoss Treasury Investments, LLC on October 12, 2026, for 4,938,801 common shares at a $0.001 exercise price. WTI held 29,793,414 common shares after the transaction.

The warrants have no expiration date and are immediately exercisable, subject to a 19.99% limit on post-exercise beneficial ownership by the reporting persons, their affiliates and related Section 13(d) group members. The reporting persons are each identified as 10% owners. The securities are held by WTI, a wholly owned subsidiary of Winklevoss Capital Fund, LLC; Winklevoss Capital Management, LLC manages the fund, and Tyler Winklevoss and Cameron Winklevoss are WCM’s co-founders and managers. Each reporting person disclaims beneficial ownership except to the extent of pecuniary interest.

Insider Trade Summary

4,938,801 shares exercised/converted

Exercise 2 txns

Insider Winklevoss Capital Fund, LLC, Winklevoss Treasury Investments, LLC, Winklevoss Tyler Howard, Winklevoss Cameron Howard, Winklevoss Capital Management, LLC

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
In-the-Money Exercise	Pre-Funded Warrant (Right to Buy) F2, F1	4,938,801	$0.5196	$2.57M
In-the-Money Exercise	Common Stock F1	4,938,801	$0.001	$5K

Holdings After Transaction: Pre-Funded Warrant (Right to Buy) — 97,229,007 contracts (Indirect, By Winklevoss Treasury Investments, LLC); Common Stock — 29,793,414 shares (Indirect, By Winklevoss Treasury Investments, LLC)

Footnotes (2)

1. F1. Securities are held by Winklevoss Treasury Investments, LLC ("WTI"), which is a wholly owned subsidiary of Winklevoss Capital Fund, LLC ("WCF"). Winklevoss Capital Management, LLC ("WCM") is the manager of WCF and Tyler Winklevoss and Cameron Winklevoss are the co-founders and managers of WCM. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its or his pecuniary interest therein.
2. F2. The Pre-Funded Warrants have no expiration date and are exercisable immediately. Notwithstanding the foregoing, the Reporting Persons shall not be entitled to exercise the Pre-Funded Warrant if it would cause the aggregate number of shares of Common Stock beneficially owned by the Reporting Persons, their affiliates and any persons who are members of a Section 13(d) group with the Reporting Persons or their affiliates to exceed 19.99% of the total number of issued and outstanding shares of Common Stock of the Issuer following such exercise.

Key Figures

Common shares acquired: 4,938,801 shares Exercise price: $0.001 per share Common shares held after transaction: 29,793,414 shares +1 more

4 metrics

Common shares acquired 4,938,801 shares Winklevoss Treasury Investments, LLC exercise on October 12, 2026

Exercise price $0.001 per share Pre-Funded Warrant exercise

Common shares held after transaction 29,793,414 shares Held by Winklevoss Treasury Investments, LLC

Post-exercise beneficial ownership limit 19.99% Applies to reporting persons, affiliates and related Section 13(d) group members

Key Terms

Pre-Funded Warrants, Section 13(d) group, pecuniary interest

3 terms

Pre-Funded Warrants financial

"The Pre-Funded Warrants have no expiration date and are exercisable immediately"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

Section 13(d) group regulatory

"any persons who are members of a Section 13(d) group"

pecuniary interest financial

"except to the extent of its or his pecuniary interest therein"

FAQ

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

How many CYPH shares were acquired in the warrant exercise?

Winklevoss Treasury Investments, LLC acquired 4,938,801 common shares on October 12, 2026, at a $0.001 exercise price.

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

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Available on EDGAR 10/14/2026 - 04:38 PM EDT Accepted by SEC EDGAR 10/14/2026 - 04:37 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Winklevoss Capital Fund, LLC

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CYPHERPUNK TECHNOLOGIES INC. [ CYPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/12/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/12/2026		X		4,938,801	A	$0.001	29,793,414	I	By Winklevoss Treasury Investments, LLC(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Pre-Funded Warrant (Right to Buy)	$0.001	10/12/2026		X			4,938,801	(2)	(2)	Common Stock	4,938,801	$0.5196	97,229,007	I	By Winklevoss Treasury Investments, LLC(1)

1. Name and Address of Reporting Person^*

Winklevoss Capital Fund, LLC

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Winklevoss Treasury Investments, LLC

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Winklevoss Tyler Howard

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Winklevoss Cameron Howard

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Winklevoss Capital Management, LLC

(Last) (First) (Middle)

FARMERS BANK BUILDING

301 N. MARKET STREET, SUITE 1463

(Street)

WILMINGTON DELAWARE 19801

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Securities are held by Winklevoss Treasury Investments, LLC ("WTI"), which is a wholly owned subsidiary of Winklevoss Capital Fund, LLC ("WCF"). Winklevoss Capital Management, LLC ("WCM") is the manager of WCF and Tyler Winklevoss and Cameron Winklevoss are the co-founders and managers of WCM. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its or his pecuniary interest therein.

2. The Pre-Funded Warrants have no expiration date and are exercisable immediately. Notwithstanding the foregoing, the Reporting Persons shall not be entitled to exercise the Pre-Funded Warrant if it would cause the aggregate number of shares of Common Stock beneficially owned by the Reporting Persons, their affiliates and any persons who are members of a Section 13(d) group with the Reporting Persons or their affiliates to exceed 19.99% of the total number of issued and outstanding shares of Common Stock of the Issuer following such exercise.

	Winklevoss Capital Management, LLC, By /s/ Cameron H. Winklevoss, Manager	10/14/2026
	Winklevoss Capital Fund, LLC, By Winklevoss Capital Management, LLC, Its Manager, By /s/ Cameron H. Winklevoss, Manager	10/14/2026
	Winklevoss Treasury Investments, LLC, By /s/ William McEvoy, Manager	10/14/2026
	/s/ Cameron H. Winklevoss	10/14/2026
	/s/ Tyler H. Winklevoss	10/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)