<SEC-DOCUMENT>0001104659-25-125251.txt : 20251230
<SEC-HEADER>0001104659-25-125251.hdr.sgml : 20251230
<ACCEPTANCE-DATETIME>20251230163034
ACCESSION NUMBER:		0001104659-25-125251
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251223
FILED AS OF DATE:		20251230
DATE AS OF CHANGE:		20251230

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ONSI DOUGLAS E
		CENTRAL INDEX KEY:			0001270185
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37990
		FILM NUMBER:		251614690

	MAIL ADDRESS:	
		STREET 1:		C/O TOLERRX INC
		STREET 2:		300 TECHNOLOGY SQUARE
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CYPHERPUNK TECHNOLOGIES INC.
		CENTRAL INDEX KEY:			0001509745
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				274412575
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		47 THORNDIKE STREET
		STREET 2:		SUITE B1-1
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142
		BUSINESS PHONE:		617 252 4343

	MAIL ADDRESS:	
		STREET 1:		47 THORNDIKE STREET
		STREET 2:		SUITE B1-1
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEAP THERAPEUTICS, INC.
		DATE OF NAME CHANGE:	20160818

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dekkun Corp
		DATE OF NAME CHANGE:	20110107
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>tm2534450-2_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001509745</issuerCik>
        <issuerName>CYPHERPUNK TECHNOLOGIES INC.</issuerName>
        <issuerTradingSymbol>CYPH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001270185</rptOwnerCik>
            <rptOwnerName>ONSI DOUGLAS E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CYPHERPUNK TECHNOLOGIES INC.</rptOwnerStreet1>
            <rptOwnerStreet2>47 THORNDIKE STREET SUITE B1-1</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02141</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO,CFO,Pres.,GC,Treas.&amp;Sec.</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
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                <value>Common Stock</value>
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            <transactionDate>
                <value>2025-12-23</value>
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            <deemedExecutionDate></deemedExecutionDate>
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                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>2136</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
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                    <value>D</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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                    <footnoteId id="F2"/>
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                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>712</value>
                    <footnoteId id="F3"/>
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                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
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                <sharesOwnedFollowingTransaction>
                    <value>106858</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F4"/>
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            <transactionDate>
                <value>2025-12-23</value>
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            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>2600000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F5"/>
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            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2600000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2600000</value>
                </sharesOwnedFollowingTransaction>
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    <footnotes>
        <footnote id="F1">Pro rata distribution from Nine Capital Partners, LLC (&quot;Nine Capital Partners&quot;) of an aggregate of 2,136 shares of Cypherpunk Technologies Inc. (&quot;Company&quot;) common stock, par value $0.001 per share (&quot;Common Stock&quot;), 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.</footnote>
        <footnote id="F2">The reporting person disclaims beneficial ownership of these shares except to the extent of his proportionate pecuniary interest therein.</footnote>
        <footnote id="F3">Reflects a de minimis adjustment due to rounding.</footnote>
        <footnote id="F4">Represents restricted stock units (&quot;RSUs&quot;) 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.</footnote>
        <footnote id="F5">The RSUs will vest at (i) 12/36th on October 8, 2026 and (ii) 1/36th on the eighth (8th) day of each month thereafter (each, a &quot;Vesting Date&quot;), subject to the reporting person's continued service with the Company. Subject to the terms of the RSU award and applicable tax withholdings, the Company shall settle vested RSUs for Common Stock on the earliest to occur of (i) the first payroll period on or after the date the reporting person's employment with or service to the Company ceases, (ii) the first payroll period on or after the eighth (8th) day of the calendar month of June following any such Vesting Date applicable to such vested RSU or (iii) the first payroll period on or after the eighth (8th) day of the month of December following any such Vesting Date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Douglas E. Onsi</signatureName>
        <signatureDate>2025-12-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
