This public company now controls 18% of Zcash mining power after $33 million Winklevoss-linked deal
Cypherpunk Technologies acquired about 18% of Zcash mining power through a $33.33 million equity deal that may significantly dilute shareholders. It bought 4,902 mining machines from Moria Mining, giving it about 4.2 GSol/s across three U.S. sites and making it the largest active Zcash mining operator. The company already held 323,394 ZEC, about 2% of circulating supply, and aims to reach 5%. Mining is intended to generate ZEC below spot prices and fund more purchases, growth, and privacy-tech investments. The deal was paid with a pre-funded warrant for 43.29 million shares, valued at $0.77 each, which could lift shares outstanding from about 107.8 million to 151.1 million if fully issued. Only 5.37 million shares can be issued immediately; the rest needs shareholder approval. Winklevoss-affiliated WTI also has board representation and already owns nearly 20% of Cypherpunk.
