Cantor raises Cypherpunk stock price target on mining expansion
Cantor Fitzgerald has raised its price target on Cypherpunk Technologies stock to $1.60, up from $0.90, while keeping an Overweight rating. The firm noted Cypherpunk's recent announcement about launching Cypherpunk Mining and acquiring the world's largest Zcash mining fleet in a $33.33 million all-stock deal with Winklevoss Capital.
This acquisition brings Cypherpunk's Equihash hashrate to 4.2 GSol/s, representing 18% of the entire Zcash network's hashpower. Cantor Fitzgerald also announced that Kevin Zhang will take on the role of Head of Mining, bringing extensive experience in Bitcoin and Zcash mining to the table. The move is seen as a significant change in Cypherpunk's operating strategy, not just a treasury purchase.
Additionally, Cantor Fitzgerald highlighted Cypherpunk's strategic position as a regulated public-market vehicle for institutional exposure to Zcash, and noted the company holds approximately 314,000 ZEC, or about 1.88% of the circulating supply, with a goal to increase its holdings to 5% of the Zcash network.
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