Cypherpunk Technologies Launches Zcash Mining Fleet Backed by $33 Million Winklevoss Deal

Nasdaq-listed Zcash treasury company Cypherpunk Technologies announced Tuesday the launch of what it calls the world’s largest Zcash mining fleet. According to the company, Cypherpunk Mining went live with approximately 4.2 GSol/s of Equihash hashrate deployed across the United States, representing roughly 18% of the entire Zcash network’s total hashrate.

The launch gives Cypherpunk investors combined exposure to both Zcash treasury holdings and mining operations. Will McEvoy, chief investment officer of Cypherpunk, said the Zcash generated through mining will provide financial and operational flexibility to fund future growth, acquire additional ZEC, and invest in new privacy-focused technology.

Winklevoss-Backed Equity Deal Funds the Fleet

The mining infrastructure was financed through a $33.33 million equity transaction with Winklevoss Capital, the venture firm run by Cameron and Tyler Winklevoss. As part of the deal, the firm brought on mining industry veteran Kevin Zhang to lead mining operations at Cypherpunk.

The company said the transaction makes its mining affiliate the largest active fleet on the Zcash network, with access to an addressable market worth more than $250 million annually at current ZEC prices. Cypherpunk described its incentives as aligned with the network itself, arguing that added hashrate and decentralization strengthen Zcash’s security, which in turn increases the value of its own treasury holdings.

Mining Supports Broader ZEC Accumulation Goal

The company said its mining push will help support its broader goal of reaching 5% ownership of Zcash’s total supply. Cypherpunk currently holds 323,394 ZEC, equal to about 1.92% of circulating supply.

The discovery triggered a sharp market reaction, with ZEC’s price falling more than 50% and Cypherpunk’s stock dropping 40% around the same period. Zcash developers responded quickly, releasing an emergency patch in early June and later deploying the Ironwood network upgrade in July to further secure the protocol.