Winklevoss twins launch Cypherpunk, a $33.3 million mining pool, the world's largest for Zcash

Cyberpunk Technology has launched the world's largest Zcash mining fleet through a stock-based transaction worth $33.3 million with Winklevoss Capital. The Nasdaq-listed company, Cyberpunk, acquired the latest generation Z15 Pro mining rigs and hosting contracts, initiating mining operations at its US facilities. The payment was made not in cash, but through pre-funded warrants equivalent to approximately 43.3 million shares of Cyberpunk stock, with a price of $0.77 per share. The mining fleet currently operates with a Zcash hash rate of approximately 4.2 GSol/s, which accounts for about 18% of the entire Zcash network. Cameron Winklevoss pointed out that the Zcash hash rate is concentrated among a few miners, pools, and ASIC manufacturers, and that almost all of them are located outside of the United States. He also stated that Cypherpunk's mining operation is fully owned and debt-free, operating within facilities located in the United States, and that its electricity costs are fixed. Chief Investment Officer Will McEvoy explained that the ZEC generated from mining will be used for business growth, further coin acquisitions, and investments in new privacy technologies. Cypherpunk already holds approximately 323,394 ZEC, representing about 1.92% of the total circulating supply, making it the largest corporate holder. The company's ultimate goal is to increase its ZEC holdings to 5%, and it plans to achieve this by directly producing ZEC at a lower cost than the market price, using mining to generate approximately 43,800 ZEC per month. Kevin Zhang, a veteran of the industry and former Foundry executive, has joined the company to oversee the mining operations. The launch of this mining fleet is a continuation of the volatile journey of Cypherpunk, centered around Zcash. In late 2025, Zcash founder Zooko Wilcox joined the company, and ZEC gained attention for its strong performance even as Bitcoin declined. However, the stock price temporarily plummeted by nearly 40% following news of a privacy bug related to Zcash. Currently, ZEC is trading above $500, and has risen by approximately 7% over the past seven days, but it is still down about 28% compared to its previous high of around $700. Cypherpunk has stated that its stock price is expected to maintain a strong correlation with ZEC, and has cautioned that this could be a double-edged sword.