CYPH · Digital asset treasuries
Cypherpunk Technologies
Holds a Zcash (ZEC) treasury, with a small oncology programme and a new Zcash mining business.
- Rating
- Price
- $3.05
- Price target
- $1.55
- Implied return
- -49%
- Market value
- $707.1m
- Next results
- November 2026
CYPH$1.55-49%
Our view
Vishal Bhargava, CFA · updated Oct 8, 2026Target $1.55Implied return -49%
At $3.05 the market values the company at 1.76x the ZEC it holds, while five listed treasury peers trade at 0.4x to 1.0x. Dilution has outrun accumulation, and the oncology option is small.
What could prove us wrong
- ZEC above $2,150 for 20 trading days would lift our target to $2.60 and move us to Hold
- A signed sirexatamab licence or sale that lifts our oncology value above $375m
- A share price at or below $1.80 with ZEC near $1,233 would move us to Hold
Ask the analyst about CYPH
Answers come from Penmark’s CYPH research and the company’s filings, with a source for each claim. Change an assumption and the assistant reruns the report’s valuation.