Cypherpunk secures a $46M Zcash gain and turns a $4.7M operating loss into $39.4M profit

Aug. 12, 2026 at 10:30 pm GMT • 2 min read 01 Cypherpunk reported $39.4 million in Q2 net income, reversing a $16.6 million loss after a $46 million ZEC unrealized gain. 02 The profit came despite a $4.7 million operating loss, showing ZEC revaluation can outweigh losses without token sales. 03 Its biotech arm Leap is seeking resources for sirexatamab Phase 3, but financing or a deal is not assured.Zcash treasury firm and Leap Therapeutics owner, Cypherpunk Technologies, reported $39.4 million in second-quarter net income, reversing a $16.6 million loss a year earlier.Cypherpunk recorded a $4.7 million operating loss, while a $46 million unrealized gain on its ZEC treasury drove the change in its bottom line.Research and development expense accounted for $0.2 million of the quarter’s costs, while general and administrative expense was $4.5 million. That left the company loss-making at the operating level before the ZEC revaluation was reflected in the income statement.The accounting treatment recognizes price movements without requiring Cypherpunk to sell the tokens.The $46 million gain was a period-end accounting result, and Cypherpunk marks its Zcash holdings to market at each re...