Cavanaugh James H - Nov 17, 2025 Form 4 Insider Report for CYPHERPUNK TECHNOLOGIES INC. (CYPH)

Role: Director
Signature: /s/ Douglas E. Onsi as Attorney-in-Fact for the reporting person
Stock symbol: CYPH
Transactions as of: Nov 17, 2025
Transactions value $: -$822,178
Form type: 4
Date filed: 11/19/2025, 04:05 PM
Previous filing: Nov 13, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CAVANAUGH JAMES H	Director	C/O CYPHERPUNK TECHNOLOGIES INC., 47 THORNDIKE STREET SUITE B1-1, CAMBRIDGE	/s/ Douglas E. Onsi as Attorney-in-Fact for the reporting person	2025-11-19	0001013473

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CYPH	Common Stock	Sale	-$822K	-262K	-100%	$3.14^*	0	Nov 17, 2025	See footnotes	F1, F2
holding	CYPH	Common Stock						213	Nov 17, 2025	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On November 17, 2025, HCV VIII Liquidating Trust ("HCV Liquidating Trust") sold 261,840 shares of the Issuer's common stock at a price of $3.14 per share as a part of a liquidating distribution in connection with the wind up and liquidation of the entity. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.40 to $3.40. The reporting person undertakes to provide to the Issuer, any security holders of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this Form 4.
F2	The reporting person is a beneficiary of the HCV Liquidating Trust and may be deemed to have had beneficial ownership of the 261,840 shares of common stock sold by the HCV Liquidating Trust. The reporting person disclaims beneficial ownership of such shares of common sold by HCV Liquidating Trust, except to the extent of the reporting person's proportionate pecuniary interest therein.

Content

On November 17, 2025, HCV VIII Liquidating Trust ("HCV Liquidating Trust") sold 261,840 shares of the Issuer's common stock at a price of $3.14 per share as a part of a liquidating distribution in connection with the wind up and liquidation of the entity. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.40 to $3.40. The reporting person undertakes to provide to the Issuer, any security holders of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this Form 4.

The reporting person is a beneficiary of the HCV Liquidating Trust and may be deemed to have had beneficial ownership of the 261,840 shares of common stock sold by the HCV Liquidating Trust. The reporting person disclaims beneficial ownership of such shares of common sold by HCV Liquidating Trust, except to the extent of the reporting person's proportionate pecuniary interest therein.