Cypherpunk Launches World's Largest Zcash Mining Operation With $33M Winklevoss-Backed Deal

By Lidia Yadlos

Most public crypto companies have spent the past two years buying Bitcoin. Cypherpunk Technologies is investing in the infrastructure behind a different cryptocurrency.

The Nasdaq-listed company has launched what it says is the world's largest Zcash mining operation, backed by a $33.33 million equity investment from Winklevoss Capital and the appointment of industry veteran Kevin Zhang as Head of Mining.

Together, the moves transform Cypherpunk from one of the largest corporate holders of ZEC into one of the network's biggest operators.

Controlling Nearly One-Fifth of the Network

Cypherpunk's mining fleet is already producing 4.2 GSol/s of Equihash hashrate from U.S.-based facilities, representing approximately 18% of the entire Zcash network.

That level of participation gives the company a significant role in securing one of crypto's largest privacy-focused blockchains while providing direct exposure to newly issued ZEC through mining rewards.

The expansion was financed through a $33.33 million equity transaction with Winklevoss Capital, the investment firm founded by Gemini co-founders Cameron and Tyler Winklevoss.

From Holding ZEC to Mining It

Cypherpunk was already one of the largest public corporate holders of Zcash before launching its mining business.

Why Bet on Zcash?

Bitcoin mining has become increasingly competitive since the 2024 halving reduced block rewards by 50%, squeezing margins across the industry.

Many miners have diversified into AI infrastructure or high-performance computing to offset declining profitability.

Cypherpunk believes Zcash offers a more attractive opportunity.

The company argues that Zcash mining currently generates stronger returns per megawatt than both Bitcoin mining and AI colocation while operating in a far less competitive environment.

It has also invested $5 million into Zcash Open Development Labs (ZODL), supporting continued development of the privacy-focused blockchain alongside its growing mining business.

A New Direction for Cypherpunk

Formerly known as Leap Therapeutics, the biotech firm rebranded as Cypherpunk Technologies in late 2025 while retaining its cancer therapy business as a subsidiary.

The latest announcement marks one of its biggest strategic moves since that transition, combining a substantial mining operation, one of the largest public ZEC treasuries and experienced mining leadership under a single business.

As public companies increasingly compete to accumulate digital assets, Cypherpunk is taking a different approach. Instead of simply buying cryptocurrency, it is investing in the infrastructure that secures the network itself, making a long-term bet that privacy-focused blockchain mining still has room to grow.

Published on Backed

Cypherpunk Launches World's Largest Zcash Mining Operation With $33M Winklevoss-Backed Deal