Winklevoss’ Zcash company pivots to cancer drug after $37.8M loss

Winklevoss-backed Zcash (ZEC) treasury company Cypherpunk Technologies has announced plans to pivot focus to its cancer drug candidate after it reported a $37.8 million net loss for the first six months of 2026.

Unless the price of ZEC rallies soon, the company has admitted that it will need to raise a lot of money to pay for its upcoming FDA trials.

“We expect to continue to generate operating losses for the foreseeable future,” the company forecasted today.

Cypherpunk’s ZEC holdings are worth roughly $157 million, yet Nasdaq traders value the entire company at just $74 million.

That is a basic multiple-to-Net Asset Value (mNAV) of just 0.47x and sadly unremarkable as crypto treasury stocks continue to trade for less than their holdings.

Counting pre-funded warrants and other sweeteners for its self-described Enterprise Value mNAV brings that multiple up to 0.96x on the company’s homepage — still less than the value of its ZEC.

Backed by Cameron and Tyler Winklevoss

Cameron and Tyler Winklevoss are the billionaires who helped create the company’s ZEC brand. 

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