Cypherpunk Technologies just reported a $39.4 million net income for Q2 2026, a dramatic reversal from the $16.6 million loss it posted in the same period a year earlier. The catalyst: a $46 million unrealized gain on its Zcash holdings. AdvertisementAs of early 2026, Cypherpunk is estimated to hold between 290,000 and 295,000 ZEC. The rollercoaster quarter-by-quarterIn Q1 2026, Cypherpunk posted a net loss of $77.2 million. The culprit was a $77.6 million unrealized loss as Zcash’s price cratered from around $508 to approximately $240.