Leap Therapeutics Rebrands as Cypherpunk Technologies After $50M Zcash Investment

Former oncology biotech company Leap Therapeutics (LPTX) has officially pivoted to the digital asset sector, rebranding as Cypherpunk Technologies (CYPH) after a major strategic shift. Earlier this month, the firm raised $58.9 million in funding led by Winklevoss Capital to fuel its transition into a digital treasury company. In a bold move, Cypherpunk announced the purchase of $50 million worth of Zcash (ZEC), positioning itself as a major player in the growing privacy-focused crypto space.

Zcash, known for its advanced privacy features, has surged in recent weeks—more than doubling in value since Cypherpunk’s acquisition, and rising another 12.2% to $523 over the past 24 hours. The profitable investment has also driven market enthusiasm, with LPTX shares skyrocketing 369% following the announcement. The company will officially begin trading under the new ticker symbol CYPH on Thursday.

Digital asset treasury firms, inspired by Michael Saylor’s MicroStrategy (MSTR) Bitcoin strategy, have become increasingly common, with companies raising capital to accumulate cryptocurrency reserves. However, many have struggled recently as share prices fell below the net asset value of their crypto holdings.

Cypherpunk’s Chief Investment Officer, Will McEvoy, highlighted the firm’s distinct approach: “The weak performance of most digital asset treasuries stems from short-term capital. We’ve built a syndicate of long-term investors who believe in the importance of Zcash and privacy for the global financial system.”

By investing heavily in Zcash, Cypherpunk Technologies is signaling confidence in privacy-centric cryptocurrencies as a hedge against surveillance-driven financial systems, setting itself apart as a pioneering force in the digital treasury revolution.