Cypherpunk Owns $500M of Zcash and 18% of Its Hashrate | CIO Will McEvoy

Cypherpunk's ~$1B enterprise value splits roughly 50/50 between $500M in ZEC holdings and a mining business earning $1,000/MWh.

• $500M ZEC treasury: Cypherpunk Technologies holds ~325-330K Zcash (~$500M) and controls ~18% of Zcash's hashrate as its largest miner, targeting 5% of total supply (currently under 2%).
• Mining economics favor ZEC: Zcash mining earns ~$1,000/MWh vs Bitcoin mining's ~$130/MWh and AI co-location's ~$240/MWh, driven by Bitmain's sole-supplier bottleneck (low thousands of units/month, 7-8 month lead times).

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