CYPHERPUNK TECHNOLOGIES INC. (CYPH) Form 10-Q — Aug 12, 2026

$CYPHForm 10-QFiled Aug 12, 2026, 7:16 AM ET0001104659-26-094449Original filing

Cypherpunk Technologies (CYPH) swung to Q2 2026 net income of $39.4 million ($0.21 basic EPS), but the profit came almost entirely from a $46.0 million unrealized gain on the embedded derivative tied to its Zcash (ZEC) holdings. For the six months ended June 30, 2026 the company still posted a net loss of $37.8 million as ZEC's price swing worked against it earlier in the year. The treasury now holds 323,394.38 ZEC — roughly 1.92% of circulating Zcash supply — at an average cost of $341.83, carried at $129.4 million, while cash fell to just $7.6 million.

Key figures

Eps: Q2 2026: $0.21 basic / $0.18 diluted; six months 2026: $(0.21) basic and diluted (vs $(0.78) six months 2025)
Net Income: Q2 2026 net income of $39,389K (driven by $45,993K unrealized gain on embedded derivative); six months ended June 30, 2026 net loss of $37,777K
Total Debt: None outstanding (only $38K lease liability); total liabilities of $3,650K
Total Assets: $142,969K as of June 30, 2026 (vs $163,182K at December 31, 2025)
Cash Position: $7,624K as of June 30, 2026 (down from $14,035K at December 31, 2025)
Shares Outstanding: 107764382
Atm capacity: $200,000K Controlled Equity Offering Sales Agreement with Cantor Fitzgerald
Zec holdings: 323,394.38 ZEC as of August 11, 2026 at average purchase price of $341.83
Zec supply share: approximately 1.92% of total circulating Zcash supply
Ga expense q2 2026: $4,492K (vs $1,817K in Q2 2025)
Rd expense q2 2026: $197K (vs $10,537K in Q2 2025) following clinical wind-down
Accumulated deficit: $500,326K
Warrants outstanding: 158,681,413 shares issuable (incl. 80,768,504 pre-funded at $0.001 and 75,985,605 common at $0.5335)
Zodl safe investment: $5,000K
Atm proceeds 6mo 2026: $19,189K net from 22,190,081 shares ($13,428K net from 13,736,854 shares in Q2)
Q3 scenario if zec 500: digital asset receivable ~$161,697K and ~$32,310K unrealized Q3 gain (illustrative)
Oct2025 private placement: $58,888K gross / $57,170K net, led by Winklevoss Capital
Total stockholders equity: $139,319K
Zec price range jul aug 2026: above $585 to below $390
Digital assets receivable zec: $129,387K as of June 30, 2026 (vs $147,404K at December 31, 2025)
Unrealized derivative gain q2 2026: $45,993K
Unrealized derivative loss 6mo 2026: $31,562K

Price after filing

1 day: 0.0%7 days: +57.4%30 days: +233.1%

Close on the filing date to close N calendar days later (from $0.68). Historical, not a forecast.

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