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CYPH
Cypherpunk Technologies Inc
NASDAQ· Financial Services· Asset Management· CUSIP 52187K200
$3.31-19.66%Price as of Sep 28, 20:02 UTC · updated once a day, after the close
Key metrics
- Market cap
- $356.7M
- P/E
- 5.2x
- Forward P/E
- —
- P/B
- 2.6x
- Dividend yield
- —
- Payout
- —
- EPS
- $0.64
- ROE
- -1.21%
- Profit margin
- 0.00%
- Revenue growth
- —
- Beta
- 0.33
- 52-week high
- $4.19
- 52-week low
- $0.33
History
How the company evolved, year by year. Revenue and debt come from the annual reports — for most companies, the 10-K filings with the SEC since 2009; dividends from the payments themselves.
The bars are a balance on the closing date; the lines are what happened during the year. Revenue above equity is ordinary, not an anomaly — it means the company turns its capital over more than once a year.
Investors holding this
Major managers that reported this stock in their latest 13F.
Price over time
▼ -85.2% over 5Y.
today you would have $102.74▼ -89.7%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
Indicators, year by year
The last 9 closed years. Each multiple uses that year’s closing price and that year’s reported numbers — not today’s. The range is set by the annual reports on record.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $1.16 | $2.88 | $4.14 | $4.50 | $32.40 | $22.50 | $11.20 | $20.00 | $62.40 | |
| P/E | — | 16.6x | — | — | — | — | — | — | — | — |
| P/S | — | — | — |
mNAV — the price of its bitcoin
P/E and P/B say nothing about a company like this: many have no operating profit, and what shows up on the earnings line is the revaluation of their own bitcoin. The question that remains is whether buying the stock is cheaper or dearer than buying the crypto directly.
2.70x
Enterprise value — market cap plus net debt plus preferred stock — is 170% above the crypto the company holds. The market pays that much more than the coins are worth: for the management, the access, or the expectation that it keeps buying.
2.76x
Market cap ÷ crypto, ignoring debt and preferred stock. It is the number most trackers show — and it flatters leveraged companies, because creditors and preferred holders rank ahead of common shareholders on the same coins. The gap between the two is what common shareholders do not own.
$129.39M
Fair value on the balance sheet of Jun 30, 2026, filed with the SEC.
$349.11M
Market cap plus net debt plus preferred stock, at the Sep 28, 2026 price: what it costs to buy the whole company today.
The quarterly points have both sides from the same balance sheet — the crypto the company reported and the share count it had then, never today’s. These companies issue stock to buy crypto, so using today’s count on an old quarter would draw a fall that never happened. The last point is today’s price, and it is where the number in the card above comes from: the distance between it and the previous quarter is how far the stock has moved since the filing. The crypto line stops at that filing, because what the company holds now is something only the next one will say. Straight lines between points, because the path between two filings is not something this page knows.
The headline ratio divides today’s market cap by crypto reported up to a quarter ago — that is how the market quotes mNAV, and the only way possible without the number of coins, which the SEC does not publish usably. The quarterly chart has no such mismatch.
Fair price, seven ways
Seven formulas applied to what the company reported. None of them predicts a price — each answers what the stock would be worth if its assumption held. The assumption is printed next to every number, because it is the assumption that produces the result.
Earnings
$4.31
Square root of 22.5 × earnings × book value — the two ceilings Graham proposed. Blind to intangibles, so it undervalues software and brands.
Earnings
—
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Earnings
$8.57
Median P/E of 13.4 among peers in the sector.
Earnings
—
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Cash flow
—
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Operating
—
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Others in the same sector
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| ACAAAverin Capital Acquisition Corp. | $10.02 | — | — | — | — | $357.54M |
| ARCIArchimedes Tech SPAC Partners III Co. | $10.14 | — | — | — | — | $357.56M |
| KCHVKochav Defense Acquisition Corp. | $10.44 | 36.0x | — | — | — | $357.65M |
| CCIICohen Circle Acquisition Corp. II |
About the company
Cypherpunk Technologies Inc., a privacy technology company, implements a digital asset strategy anchored by Zcash in the United States. The company is involved in identifying, developing, investing in, acquiring, and building privacy-enhancing technologies; and accumulating digital assets, such as ZCash. It also develops biomarker-targeted antibody therapies for patients with cancer and other diseases comprising DKN-01, a monoclonal antibody that inhibits Dickkopf-related protein 1, which has completed Phase 2 study for the treatment of colorectal cancer; and FL-501, a monoclonal antibody inhibiting the GDF-15 protein, which is in preclinical development to treat cancer cachexia, hyperemesis gravidarum and pregnancy-related nausea and vomiting, and other diseases associated with aging and frailty. The company was formerly known as Leap Therapeutics, Inc. and changed its name to Cypherpunk Technologies Inc. in November 2025. Cypherpunk Technologies Inc. was incorporated in 2011 and is based in Cambridge, Massachusetts.
- 6
- Cambridge, United States
Company description provided by Yahoo Finance.