Cypherpunk (CYPH) Plunges 11.64% as Zcash Expansion, Leadership Shifts Spark Skepticism

Cypherpunk Technologies (Nasdaq: CYPH) plunged 11.6364% in pre-market trading on Nov. 18, 2025, following a significant expansion of its Zcash (ZEC) holdings and strategic leadership changes. The company acquired an additional 29,869.29 ZEC for $18 million, averaging $602.63 per coin, to boost its total holdings to 233,644.56 ZEC—representing 1.43% of the Zcash network. The move coincided with the appointment of two new board members, including Will McEvoy as Chief Investment Officer, underscoring its commitment to privacy-focused digital assets as a strategic hedge.

The stock’s sharp decline reflects broader market skepticism toward privacy-centric cryptocurrencies amid regulatory scrutiny and macroeconomic headwinds. Zcash itself has fallen 30% from its $750 peak, while crypto liquidations exceeding $1 billion have intensified risk-off sentiment. Analysts caution that compliance challenges for privacy coins could limit institutional adoption, directly impacting Cypherpunk’s treasury strategy. The firm’s financials also highlight persistent operational losses and negative returns on assets, raising questions about long-term sustainability.

Backtest assumptions suggest a focus on Zcash’s market resilience and regulatory developments could shape Cypherpunk’s performance. A strategy emphasizing fair-value adjustments, network ownership trends, and treasury management transparency may provide clearer directional signals. Near-term monitoring of quarterly filings and price action around key support levels could validate or challenge the current bearish trajectory.