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Wednesday 11 November 2026
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Cypherpunk Technologies Inc.
CYPH- EPS
- +152.5%
- Free cash flow
- +15.5%
Quarter to June 2026, against a year earlier
2.00
0.13
−6.10%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 2 | 2 | — | — | — | — | 2 | 0.0% | 42 | 211 | 256 | +148.6% | |
| Gross margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | 0.00 | — | — | — | 0.00 | 0.0 pt | ||||||
| EBT | (26) | (30) | (23) | (33) | (28) | (41) | (54) | (81) | (67) | 10 | 1 | n/m | ||||||
| EBT margin, % | 0.00 | 0.00 | 0.00 | 0.00 | (1,834.40) | (2,707.40) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | (26) | (30) | (23) | (33) | (28) | (41) | (55) | (81) | (68) | 5 | (1) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | |||||
| Earnings | — | (32.70) | (16.40) | (14.70) | (6.30) | (4.70) | (4.80) | (3.98) | (1.81) | 0.07 | (0.04) | n/m | ||||||
| Cash flow | 0.00 | (24.16) | (18.41) | (11.91) | (4.38) | (4.10) | (4.33) | (2.14) | (1.61) | (0.66) | (0.11) | n/m | ||||||
| Capex | 0.00 | (0.07) | 0.00 | (0.04) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (1.47) | 0.00 | n/m | ||||||
| Free cash flow | 0.00 | (24.23) | (18.41) | (11.95) | (4.37) | (4.10) | (4.33) | (2.14) | (1.61) | (2.13) | (0.11) | n/m | ||||||
| Book value | 0.00 | 12.13 | 6.49 | (0.77) | 7.86 | 12.57 | 5.20 | 2.94 | 0.93 | 2.32 | 0.76 | n/m | ||||||
| Shares, m | — | 1 | 1 | 2 | 6 | 9 | 11 | 20 | 38 | 66 | 115 | +70.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | — | — | — | — | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 88.99 | 185.38 | — | — | — | — | 261.75 | 137.2 | ||||||
| P/B | — | — | — | — | 2.86 | 2.58 | — | — | — | — | 2.82 | 2.7 | ||||||
| EV/Sales | — | — | — | — | 54.28 | 108.77 | — | — | — | — | 364.80 | 81.5 | ||||||
| EV/FCF | — | — | — | — | (3.14) | (4.65) | — | — | — | — | (26.03) | (3.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (25) | (22) | (26) | (27) | (26) | (35) | (49) | (44) | (60) | (44) | (21) | +6.3% | |||||
| Capex | 0 | 0 | — | 0 | 0 | — | — | — | — | (97) | 0 | +106.2% | ||||||
| Free cash flow | (25) | (22) | (26) | (27) | (26) | (35) | (49) | (44) | (60) | (141) | (21) | +20.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (32) | 22 | 11 | (4) | 45 | 107 | 57 | 59 | 34 | 158 | 136 | n/m | |||||
| Net debt | (1) | (26) | (16) | (4) | (52) | (115) | (65) | (71) | (47) | (14) | (8) | +37.6% | ||||||
| Shareholders’ equity | (100) | 11 | 9 | (2) | 47 | 108 | 59 | 60 | 35 | 154 | 139 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (664.30) | (168.76) | (96.14) | (250.80) | (121.61) | (47.12) | (58.00) | (113.72) | (111.18) | 4.54 | (1.08) | +668.8 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (18.40) | (8.44) | (18.4) pt | ||||||
| ROE | 30.06 | 67.26 | (228.05) | (895.74) | (167.42) | (52.53) | (65.48) | (136.82) | (142.43) | 5.11 | (1.21) | (24.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 22 | 22 | 25 | 26 | 30 | 36 | 44 | 54 | 52 | 6 | — | (13.4%) | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2021 · latest quarter Dec 2021 · fundamentals updated 26 Oct 2026
Cypherpunk Technologies Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CION CION Investment Corporation | $312.4M | — (loss-making) | 6.1× | −38.63% (below 0%: shrinking) | n/m | +591.27% (above 0%: growing) | 100.00% | 25.33% | Compare |
| PSBD Palmer Square Capital BDC Inc. | $299.3M | — (loss-making) | — (loss-making) | −16.15% (below 0%: shrinking) | +358.70% (above 0%: growing) | +227.26% (above 0%: growing) | 100.00% | 82.71% | Compare |
| RWAY Runway Growth Finance Corp. | $273.1M | 45.8× | 17.0× | +10.39% (above 0%: growing) | +16.14% (above 0%: growing) | +62.58% (above 0%: growing) | 100.00% | 71.90% | Compare |
| HRZN Horizon Technology Finance Corporation | $244.9M | — (loss-making) | — (loss-making) | +2.14% (above 0%: growing) | n/m | −97.72% (below 0%: shrinking) | 100.00% | 93.70% | Compare |
| CYPH Cypherpunk Technologies Inc. | $229.5M | — (loss-making) | — (loss-making) | 0.00% | n/m | +15.53% (above 0%: growing) | 0.00% | 0.00% | |
| PNNT PennantPark Investment Corporation | $220.1M | 21.6× | 10.7× | −16.21% (below 0%: shrinking) | −41.67% (below 0%: shrinking) | −2.70% (below 0%: shrinking) | 78.27% | 72.21% | Compare |
| LIEN Chicago Atlantic BDC, Inc. | $209.3M | 6.6× | 6.4× | +6.81% (above 0%: growing) | −28.95% (below 0%: shrinking) | +1,591.22% (above 0%: growing) | 100.00% | 61.95% | Compare |
| SAR Saratoga Investment Corp | $196.2M | — (loss-making) | 103× | +1.77% (above 0%: growing) | n/m | −43.85% (below 0%: shrinking) | 100.00% | 68.55% | Compare |
| SCM Stellus Capital Investment Corporation | $195.9M | 12.2× | 6.4× | −14.76% (below 0%: shrinking) | n/m | +104.73% (above 0%: growing) | 100.00% | 69.22% | Compare |
| Median of peers | $232.5M | 16.9× | 8.6× | −6.50% | −6.40% | +83.65% | 100.00% | 70.56% |
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.75m | 5.50m | 26.00 |
| 2024 | 1.48m | 1.22m | 64.00 |
| 2023 | 1.53m | 1.67m | 92.00 |
Ownership
Directors and executive officers, together
3.50%
Winklevoss Capital Fund, LLC
19.90%
Sean Michael Severins
6.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement