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Cypherpunk Technologies targets accumulating 5% of the total Zcash supply, currently holding roughly 2% through its $500 million treasury. Will McEvoy notes the company operates as a publicly traded firm using mining and venture investments rather than a digital asset trust.
Cypherpunk Technologies controls 18% of the Zcash network hash rate, matching hash rate growth against a 4 million coin remaining block emissions schedule. Will McEvoy plans to defend an 18% to 20% network share while retaining all mined coins in treasury.
Will McEvoy evaluates Cypherpunk Technologies using enterprise value to account for investor warrants, rejecting simple net asset value comparisons. Market pricing currently splits the firm's $1 billion valuation equally between its $500 million Zcash treasury and its mining operation.
Will McEvoy reveals Cypherpunk Technologies bought additional Zcash following the discovery of the Orchard pool vulnerability. Security researchers patched the flaw within hours, and wallet data confirmed bad actors had not minted unbacked coins before the fix.
The bug, which existed for five years, appears to have been recently identified with assistance from AI, possibly through OpenAI's Cypher program utilized by Rob Hamilton's team for auditing Bitcoin projects.