Zcash ($ZEC) has fallen about 60% from its November 2025 high, extending a multi-month decline and reversing much of the asset’s fourth-quarter gains.
The privacy-focused coin, which was the best-performing large-cap crypto asset in 2025, started trending lower in December, shortly after Winklevoss-backed Zcash treasury firm Cipherpunk Technologies last disclosed. $ZEC This is my third purchase since its release.
Cypherpunk was founded in November as a Zcash-focused finance company, but last reported an acquisition. $ZEC On December 30, 2025, your assets will be 290,062.67. $ZEC. Since then, the spot price of Zcash has fallen by more than 50%.
The company has not announced any new purchases, and its total holdings have remained unchanged since then, according to CoinGecko data.
$ZEC Owned by Cypherpunk Technologies. Source: CoinGecko
According to the data, the company paused accumulation after reaching around 1.76%. $ZECtotal supply of. Cypherpunk said it aims to build a position equivalent to 5% of the token supply.
$ZEC Pricing since Cypherpunk’s last public purchase publication on December 30th. Source: CoinGecko
On average $ZEC The acquisition price was approximately $334, and Cypherpunk Technologies has an unrealized loss of $25.73 million, down 26.5%. $ZEC At the time of writing, it is trading at around $245.
$ZEC This fall began a multi-month rally that began in late September and peaked at $700 in mid-November. Privacycoin has regained much of its gains in 2025, but is still trading at nearly 400% higher than its pre-September rally.
Defiant has reached out to Cypherpunk for clarification on DAT’s plans, but has not received a response as of press time.
Cypherpunk Technologies Inc. 6-month stock price. Source: Google Finance
Meanwhile, Cypherpunk’s stock price has fallen about 40% over the past 30 days, according to Google Finance data, but is still more than 100% higher than it was in November, before the company rebranded from biotech company Leap Therapeutics, Inc. to Zcash DAT.
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cypherpunk pace $ZEC This purchase stands out compared to more aggressive digital asset treasury (DAT) strategies in other cryptocurrencies. The original and largest DAT, Michael Saylor’s Strategy, has been buying BTC weekly for over a year, with a few exceptions.
According to company data, Strategy’s unrealized losses have ballooned to about $4.36 billion amid the market downturn, but the company has maintained its pace of accumulation, making five Bitcoin purchases so far through 2026.
Tom Lee’s BitMine, the largest Ethereum DAT, has kept pace with the same numbers so far this year. $ETH Purchase with data from DefiLlama. Bitmine’s unrealized losses reached $6 billion in spot value this week. $ETH It was less than $2,000.
Gemini, the crypto exchange founded by the Winklevoss twins, announced this week that it will restructure its business as Cypherpunk’s stock price tumbles and paper losses mount.
The company said in a blog post on Thursday, Feb. 5, that it plans to cut about 25% of its remaining workforce and exit Europe, the U.K. and Australia as it doubles down on its U.S. market reach.
