Cypherpunk Reverses $16M Loss with $39M Q2 Profit from Unrealized Zcash Gain

Cypherpunk Technologies, a Zcash treasury firm and Leap Therapeutics owner, reported $39.4 million in second-quarter net income.

This is a reversal of a $16.6 million loss from last year's Q2.

The company recorded an operating loss of $4.7 million, but a $46 million unrealized gain on its ZEC treasury drove the change in its bottom line.

Cypherpunk marks its Zcash holdings to market at each reporting date and used a ZEC price of $400.09 at June 30, valuing the treasury at $129.4 million on its balance sheet.