<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-08</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002085726</rptOwnerCik>
            <rptOwnerName>Winklevoss Capital Fund, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FARMERS BANK BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>301 N. MARKET STREET, SUITE 1463</rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002092602</rptOwnerCik>
            <rptOwnerName>Winklevoss Treasury Investments, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FARMERS BANK BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>301 N. MARKET STREET, SUITE 1463</rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002084694</rptOwnerCik>
            <rptOwnerName>Winklevoss Tyler Howard</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FARMERS BANK BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>301 N. MARKET STREET, SUITE 1463</rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002084695</rptOwnerCik>
            <rptOwnerName>Winklevoss Cameron Howard</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FARMERS BANK BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>301 N. MARKET STREET, SUITE 1463</rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002096657</rptOwnerCik>
            <rptOwnerName>Winklevoss Capital Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FARMERS BANK BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>301 N. MARKET STREET, SUITE 1463</rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.5335</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-10-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5616906</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.125</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2035-10-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5616906</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>57182378</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Winklevoss Treasury Investments, LLC</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents an assignment of Warrants for no additional consideration.</footnote>
        <footnote id="F2">The Warrants are exercisable immediately. Notwithstanding the foregoing, the Reporting Persons shall not be entitled to exercise the Warrants to the extent that such exercise would cause the aggregate number of shares of Common Stock beneficially owned by the Reporting Persons, their affiliates and any persons who are members of a Section 13(d) group with the Reporting Persons or their affiliates to exceed 19.99% of the total number of issued and outstanding shares of Common Stock of the Issuer following such exercise.</footnote>
        <footnote id="F3">Securities are held by Winklevoss Treasury Investments, LLC (&quot;WTI&quot;), which is a wholly owned subsidiary of Winklevoss Capital Fund, LLC (&quot;WCF&quot;). Winklevoss Capital Management, LLC (&quot;WCM&quot;) is the manager of WCF and Tyler Winklevoss and Cameron Winklevoss are the co-founders and managers of WCM. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its or his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Winklevoss Capital Management, LLC, By /s/ Cameron H. Winklevoss, Manager</signatureName>
        <signatureDate>2025-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Winklevoss Capital Fund, LLC, By Winklevoss Capital Management, LLC, Its Manager, By /s/ Cameron H. Winklevoss, Manager</signatureName>
        <signatureDate>2025-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Winklevoss Treasury Investments, LLC, By /s/ William McEvoy, Manager</signatureName>
        <signatureDate>2025-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tyler H. Winklevoss</signatureName>
        <signatureDate>2025-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tyler H. Winklevoss</signatureName>
        <signatureDate>2025-11-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
