Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Mirabelli Christopher 2. Issuer Name and Ticker or Trading Symbol CYPHERPUNK TECHNOLOGIES INC. [CYPH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O CYPHERPUNK TECHNOLOGIES INC., 47 THORNDIKE STREET SUITE B1-1 3. Date of Earliest Transaction (Month/Day/Year) 12/23/2025 (Street) CAMBRIDGE, MA 02141 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/23/2025 J(1) 2,136(1) D $ 0 (1) 0 (1) I See footnotes(1)(2) Common Stock 12/23/2025 J(1) 712(3) A $ 0 (1) 21,626 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Restricted Stock Units

$ 0 (4)

12/23/2025

A

94,050

(5)

(5)

Common Stock

94,050

$ 0

94,050

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Mirabelli Christopher C/O CYPHERPUNK TECHNOLOGIES INC. 47 THORNDIKE STREET SUITE B1-1 CAMBRIDGE, MA 02141	X

Signatures

/s/ Douglas E. Onsi as attorney-in-fact for the reporting person		12/29/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Pro rata distribution from Nine Capital Partners, LLC ("Nine Capital Partners") of an aggregate of 2,136 shares of Cypherpunk Technologies Inc. ("Company") common stock, par value $0.001 per share ("Common Stock"), with 712 shares of Common Stock distributed to each of Messrs. Christopher K. Mirabelli, Douglas E. Onsi and Augustine Lawlor, respectively. Messrs. Mirabelli, Onsi and Lawlor are the Managing Members of Nine Capital Partners and as such, beneficially own and share voting and dispositive power with respect to all of the securities owned by Nine Capital Partners, LLC.
(2)	The reporting person disclaims beneficial ownership of these shares except to the extent of his proportionate pecuniary interest therein.
(3)	Reflects a de minimis adjustment due to rounding.
(4)	Represents restricted stock units ("RSUs") to be settled on a 1 for 1 basis for shares of Company Common Stock. The RSUs were awarded pursuant to the Company's 2025 Equity Incentive Plan for no consideration.
(5)	The RSUs vested at issuance on December 23, 2025 (the "Grant Date"). Subject to the terms of the RSU award and applicable tax withholdings, the Company shall settle the RSUs for Common Stock as soon as practicable following the earlier to occur of (i) the fifth (5th) business day after the date the reporting person ceases for any reason to be a member of the Company's Board of Directors or (ii) the date of the first annual meeting of stockholders of the Company that occurs following the Grant Date.

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