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At the time of the live, Cypherpunk Holdings (ticker $CYPH) traded at about $0.71…

2026-07-20 · 18:01 UTC ·@AntoineRSX ·0 min read

Brief

Cypherpunk Holdings ($CYPH) was trading below its reported Zcash net asset value: the stock ~ $0.71 versus a ZEC NAV ~ $0.81. The company holds about 2% of circulating ZEC at an average buy price near $341. The poster notes the apparent discount merits investigation but emphasizes evaluating dilution, liquidity and other assets before judging the trade.

Why it matters

At the time of the live, Cypherpunk Holdings (ticker $CYPH) traded at about $0.71 while its reported Zcash NAV was roughly $0.81, indicating a market discount to NAV.

Key details

  • Cypherpunk reports holding roughly 2% of the circulating ZEC supply with an average purchase price near $341 per ZEC.
  • The author warns the discount alone doesn't prove a good trade—further analysis of dilution, liquidity, and other company holdings is needed.
Source evidence

At the time of this live, $CYPH traded below its Zcash NAV.

Cypherpunk reports roughly 2% of the circulating ZEC supply. Its average purchase price was around $341.

When I recorded this, the stock was around $0.71 while the reported net asset value was around $0.81.

So on paper, you could buy the Zcash exposure cheaper through the stock.

That does not automatically make it a good trade. I still need to calculate dilution, liquidity and what else sits inside the company.

But the discount is exactly why I wanted to look.

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