CYPHERPUNK TECHNOLOGIES INC. 8-K

What Happened
Cypherpunk Technologies Inc. (f/k/a Leap Therapeutics, Inc.) announced and filed an 8-K on December 30, 2025, reporting it purchased an additional 56,418.09 Zcash (ZEC). The company said the new purchase cost approximately $29 million at an average price of $514.02 per ZEC. The press release reporting the transaction was furnished as Exhibit 99.1 to the 8-K.

Key Details

• Purchased 56,418.09 ZEC on December 30, 2025 for about $29 million (avg. $514.02 per ZEC).
• Aggregate ZEC holdings now total 290,062.67 ZEC.
• Cumulative average purchase price for all ZEC holdings is $334.41 per ZEC.
• Company’s ZEC holdings represent an estimated 1.76% of the total circulating ZEC network supply.

Why It Matters
This filing confirms Cypherpunk’s continued strategy of holding significant cryptocurrency assets on its balance sheet. For investors, the facts matter: the recent buys were at a materially higher average price ($514.02) than the company’s cumulative average ($334.41), which raises the company’s overall cost basis in ZEC. The holdings equal a meaningful share (1.76%) of ZEC’s circulating supply, which could affect the company’s asset volatility, liquidity profile, and reported net asset value. The 8-K does not provide details on funding sources, plans for monetization, or accounting treatment beyond the disclosure.