Trackers show the Winklevoss-backed ZEC treasury CYPH at 0.78x NAV, but counting ~124M shares from $0.001 warrants puts it at 1.68x, so 1,000 CYPH equals 1.43 ZEC, not 3.08. It now trades as a miner with a treasury attached; watch ZEC per share into NU7.
Key claims
CYPH is 1.68x NAV incl. $0.001 warrants (2.13x incl. all), not 0.78x
1,000 CYPH = 1.43 ZEC, down from 1.72 at end of June
Mining fleet ~198 ZEC a day in Sep; ~11 months to earn back June ZEC per share
Zcash got its next catalyst this week. NU7 has a mainnet height (25s blocks, ~5th of Nov) and $ZEC is back above $1,200.
That's why the equity trade everyone reaches for rn is $CYPH, the Winklevoss-backed ZEC treasury that many trackers show at 0.78x NAV.
Went through the filings tho. That 0.78x leaves out ~124M shares, almost all of them Winklevoss stock or warrants that convert at $0.001 each. Count them and you’re paying 1.68x for your ZEC.
Same ~332k ZEC, four share counts:
- 0.78x on 107.8M reported
- 0.94x on 129.3M basic
- 1.68x on 231.8M incl. $0.001 warrants
- 2.13x on 294.2M incl. all warrants
So 1,000 $CYPH = 1.43 ZEC, not the 3.08 the trackers imply. It was 1.72 at the end of June.
What dropped it?
The mining fleet. On the 17th of Aug CYPH bought 4.2 GSol/s from a Winklevoss affiliate and paid with 43.3M of those $0.001 warrants.
It mined ~198 ZEC a day in Sep, ~$90M a year gross. Power and hosting costs are undisclosed, and that's ~14% of miner rewards vs the 18% of hashrate claimed at launch (my math).
At Sep output it takes ~11 months to earn back the June ZEC per share, assuming zero new shares.
Who's on the other side?
- Winklevoss: ~60% fully diluted plus two board seats. Their affiliate sold the fleet and Gemini holds the ZEC. All disclosed.
- Dilution keeps coming: $200M ATM with Cantor, basic shares +54% this year, and WTI's 12th of Oct exercise implies ~15 to 20M more shares no filing shows yet.
When does $CYPH work?
- ZEC keeps going up
- Hashrate share holds into NU7
- ZEC per share starts rising again
Since the fleet deal $CYPH is +323% vs ZEC +155%. The market already pays up for the miner and the Winklevoss halo.
That can be fair. Just be aware of what you trade: a miner with a treasury attached, at 1.68x and watch ZEC per share.
NFA ofc. DYOR.
No follow-up pieces on this subject yet. This is the latest take.
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