Jul. 20 at 6:41 PM
$CYPH’s goal of owning 5% of the ZEC network has become a capital-structure problem.
Its 321,032 ZEC represent 1.91% of supply, leaving roughly 519,000 ZEC to reach the target at today’s network size.
The 75.99M warrants struck at
$0.5335 could provide about
$40.5M. Even if every dollar bought ZEC near today’s
$551 price, that adds only about 73,500 ZEC, or 14% of the remaining gap.
Meanwhile, the economic share count rises from 187.23M to 263.22M, reducing ZEC per share by roughly 12.6%, before counting the 16.68M RSUs.
The 5% target may be achievable in absolute coins. Reaching it while preserving holdings per share (HPS) is the harder problem.
