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Zcash Down Over 50% Since Winklevoss-Backed DAT’s Last Purchase

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Cypherpunk launched in November and has accumulated about 290K ZEC so far.

Zcash (ZEC) has fallen roughly 60% from its November 2025 high, extending a multi-month slide that has reversed much of the asset’s Q4 gains.

The privacy-focused coin, which was the top-performing large-cap crypto asset of 2025, began its downward trend in December, shortly after the Winklevoss-backed Zcash treasury company Cypherpunk Technologies last disclosed a ZEC purchase, its third since launching.

Cypherpunk, which launched in November as a Zcash-focused treasury company, last reported buying ZEC on Dec. 30, 2025, bringing its holdings to 290,062.67 ZEC. The spot price of Zcash has dropped over 50% since then.

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The firm hasn’t announced any new purchases, and CoinGecko data shows total holdings have remained the same since.

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ZEC holdings of Cypherpunk Technologies. Source: CoinGecko

Data shows the company paused accumulation after reaching about 1.76% of ZEC’s total supply. Cypherpunk has said it aims to build a position equal to 5% of the token’s supply.

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ZEC price since Cypherpunk’s last public purchase disclosure on Dec. 30. Source: CoinGecko

With an average ZEC purchase price of about $334, Cypherpunk Technologies is sitting on an unrealized loss of $25.73 million, down 26.5%, with ZEC trading around $245 at press time.

ZEC kicked off a multi-month rally this fall, starting in late September, reaching as high as $700 in mid-November. While the privacy coin has retraced much of its 2025 gains, it’s still trading almost 400% higher than its pre-rally levels in September.

The Defiant reached out to Cypherpunk to clarify its plans for the DAT, but hasn’t received a response by press time.

the-defiant
Cypherpunk Technologies Inc. share price over 6 months. Source: Google Finance

Meanwhile, Cypherpunk’s shares have dropped about 40% over the past 30 days, though they remain over 100% higher than in November, before the company rebranded from a biotech firm, Leap Therapeutics, Inc, to a Zcash DAT, according to data from Google Finance.

Top DATs Keep Buying

Cypherpunk’s pace of ZEC purchases stands out against more aggressive digital asset treasury (DAT) strategies elsewhere in crypto. The original and largest DAT, Michael Saylor’s Strategy, has been making its BTC purchases on a weekly basis for over a year, with few exceptions.

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While Strategy’s unrealized losses have ballooned to about $4.36 billion amid the market downturn, the firm has kept up its accumulation cadence, making five Bitcoin purchases so far in 2026, according to the company’s data.

Tom Lee’s BitMine, the largest Ethereum DAT, has kept pace so far this year with the same number of ETH purchases, per data from DefiLlama. BitMine’s unrealized losses reached $6 billion this week as the spot price of ETH slipped below $2,000.

Amid Cypherpunk’s dropping shares and rising paper losses, Gemini, the crypto exchange founded by the Winklevoss twins, announced this week that it’s restructuring its business.

The company said in a blog post on Thursday, Feb. 5, that it plans to cut roughly 25% of its remaining workforce and exit Europe, the UK, and Australia, as it doubles down on the U.S. market.

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Crypto World

Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday

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Oil prices jumped more than 3% on Monday, pushing Brent crude above $116 a barrel. West Texas Intermediate (WTI), the US benchmark, climbed to roughly $102 per barrel.

The latest rise comes as the US-Israel war on Iran entered its fifth week with no signs of abating.

Oil Extends Its War-Fueled Rally 

Several escalatory developments over the weekend fueled the surge. President Donald Trump told the Financial Times he could possibly seize Kharg Island, the terminal that handles roughly 90% of Iran’s crude exports.

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The US president struck a mixed tone on diplomacy with Iran, saying he was “pretty sure” of making a deal with Iran but conceding that talks could still collapse.

Meanwhile, Iran’s parliament speaker warned that Tehran would “set them on fire” when American forces arrived and promised consequences for US-allied nations in the region. 

The oil price surge is far from over, according to market analysts, who warn that the prolonged closure of the Strait of Hormuz could drive crude even higher.

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“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply,” Bruce Kasman, global head of economics at JPMorgan, said.

According to Bloomberg, US officials and Wall Street analysts have also begun discussing the possibility of crude reaching $200 per barrel.

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Asian Stocks Tumble, Crypto Feels the Pressure

The energy shock rippled across Asia. Google Finance data showed that Japan’s Nikkei 225 fell over 4.5%, while South Korea’s KOSPI dropped more than 4.3% as import-dependent economies repriced risk.

The volatility has spread to crypto markets, with asset prices dipping early in the morning before rebounding. 

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“The market briefly crashed just now — ETH dropped below $1,940 and BTC fell below $65,000,” Lookonchain reported.

Oil above $100 per barrel continues to pressure risk assets by fueling inflation expectations and delaying anticipated Federal Reserve rate cuts.

The post Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday appeared first on BeInCrypto.

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

Lido’s decentralized autonomous organization is considering a one-off $20 million buyback of its governance token to address so-called price dislocation, which is at “historically depressed levels” relative to Ether, according to the DAO. 

The proposal, submitted Friday, seeks permission to swap 10,000 Lido Staked Ether (stETH) tokens, currently worth $20 million from the DAO’s treasury for Lido DAO (LDO), arguing that LDO is undervalued.

“This is not a routine fluctuation. It represents one of the most significant dislocations between LDO’s market price and its underlying protocol fundamentals in the token’s history.”

A token buyback of this size could boost the price of the token, which has fallen roughly 96% from its all-time high. In November, a Lido DAO member pitched an automated buyback mechanism for LDO to improve the token’s price. However, that proposal hasn’t been implemented.

LDO’s change in price relative to ETH since 2024. Source: Lido DAO

Lido DAO pointed out that LDO is trading at a steep discount to Ether (ETH) at a ratio of 0.00016, roughly 63% below its two-year median.

This is despite the protocol holding the top spot of the Ethereum liquid staking market, with a 23.2% share of staked Ether, according to Dune Analytics data. The protocol’s dominance has even been flagged as a centralization risk to the network in previous years.

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Share of Ethereum network validators. Source: Dune Analytics

Related: Ethereum builders propose ‘economic zone’ to tackle L2 fragmentation 

LDO is currently trading at $0.30, down 95.9% from its $7.30 high set in August 2021, according to CoinGecko data. LDO’s $255 million market cap makes it the 141st largest token by value at the time of writing.

“That dislocation is not justified by a proportional deterioration in protocol performance,” Lido DAO said. 

Lido DAO proposes buying stETH in batches

Lido DAO proposed buying up to 10,000 stETH in smaller batches of 1,000 to buy LDO. 

Lido DAO said it would use limit orders or adopt a dollar-cost averaging strategy to avoid market volatility. 

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