--- title: "Leap Therapeutics Becomes Cypherpunk Technologies With $50M Zcash Bet" date: 2025-11-12 author: "Barry Elad" featured_image: "https://sqmagazine.co.uk/wp-content/uploads/2025/11/cypherpunk-technologies-builds-zcash-treasury.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # Leap Therapeutics Becomes Cypherpunk Technologies With $50M Zcash Bet Leap Therapeutics is making a bold pivot from biotech to crypto, rebranding as Cypherpunk Technologies and investing heavily in privacy-focused Zcash. ## Quick Summary – TLDR: - Leap Therapeutics has rebranded as Cypherpunk Technologies Inc. - The company invested $50 million to purchase 203,775.27 ZEC tokens at an average price of $245. - Winklevoss Capital led the $58.88 million private placement funding the Zcash acquisition. - Cypherpunk plans to maintain its biotech programs while building a digital asset treasury. ## What Happened? On November 12, Leap Therapeutics announced its transformation into **Cypherpunk Technologies Inc.**, marking a major shift from biotechnology to digital assets. As part of this strategic overhaul, the company has acquired over **203,000 Zcash tokens (ZEC)**, staking **$50 million** of newly raised capital into one of the leading privacy-focused cryptocurrencies. > Our first major Zcash DAT has landed > > Biotech firm Leap Therapeutics rebranded as Cypherpunk Technologies to launch a ZEC DAT > > Seeded with $58.8M, led by Winklevoss Capital > > And they’ve already bought 203,775 ZEC at a $245 average > > Their CYPH shares will start trading tomorrow [pic.twitter.com/hIBkGLDwNU](https://t.co/hIBkGLDwNU) > > — TylerD 🧙‍♂️ (@Tyler\_Did\_It) [November 12, 2025](https://twitter.com/Tyler_Did_It/status/1988582920311984386?ref_src=twsrc%5Etfw) ## A Strategic Rebrand With a Privacy Focus Cypherpunk Technologies is diving headfirst into crypto. With **$58.88 million raised** through a private placement led solely by **Winklevoss Capital**, the company is aiming to establish itself as a **crypto-first** enterprise. Of this funding, **$50 million** has already been used to acquire **203,775.27 ZEC** tokens at an average price of **$245.37** each. Beginning **November 13**, the company started trading under the **new ticker symbol CYPH**. While the firm has its roots in cancer treatment research, it is now fully embracing a new role as a steward of digital privacy. Zcash is not just another cryptocurrency. It’s a privacy coin that uses **[zero-knowledge proofs](https://sqmagazine.co.uk/coinbase-base-private-transactions/)** to verify transactions without revealing wallet addresses or amounts. This cryptographic approach allows Zcash users to maintain financial confidentiality, unlike Bitcoin’s transparent ledger. That level of privacy is especially appealing to those concerned about digital surveillance and data exposure. ## Leadership Reshuffle to Match Vision Cypherpunk’s leadership has been restructured to align with its digital pivot: - **Khing Oei** has been appointed **Chairman of the Board**, known for founding Treasury, a euro-based [Bitcoin](https://sqmagazine.co.uk/bitcoin-statistics/) treasury firm. - **Will McEvoy**, a Principal at Winklevoss Capital, is now **Chief Investment Officer** and a Board member. - Former Chairman **Christopher Mirabelli** will remain on the Board but has stepped down from his leadership role. McEvoy addressed concerns around crypto company performance, stating: “ The recent weak performance of digital asset treasury companies stems from PIPEs dominated by short-term, mercenary capital. We’ve taken a different path by building a syndicate of value-aligned investors who believe in the long-term importance of Zcash and privacy. Will McEvoyChief Investment Officer – Cypherpunk ## Keeping One Foot in Biotech Interestingly, despite its crypto pivot, Cypherpunk is not abandoning its past entirely. The company will **continue developing its cancer treatment programs**, **sirexatamab** and **FL-501**, even as it expands its digital asset portfolio. A **special stockholder meeting is set for December 15** to vote on key proposals related to the rebrand and new business direction. ## Crypto Treasury Trend Gaining Momentum Cypherpunk’s move highlights a growing trend among public companies to diversify their treasuries with **cryptocurrencies**: - **MicroStrategy**, led by Michael Saylor, now holds over **641,000 BTC**. - **BitMine Immersion Technologies** has accumulated more than **3.5 million ETH**, becoming the largest corporate [Ethereum](https://sqmagazine.co.uk/ethereum-statistics/) holder. - **CEA Industries** recently reported **$663 million** in digital and cash assets, with plans to add **Binance Coin (BNB)** to its balance sheet. Cypherpunk’s focus on **Zcash** rather than Bitcoin or Ethereum sets it apart in this evolving space. ## SQ Magazine’s Takeaway I think this is one of the boldest corporate pivots we’ve seen this year. Moving from biotech to crypto is a massive shift, but the clarity of Cypherpunk’s strategy makes it interesting. They’re not just dipping their toes in; they’ve gone all in on Zcash and privacy. That says a lot about where they see the future heading. I’m also impressed they’re not abandoning their biotech roots completely. For investors and crypto watchers alike, this is a company to keep an eye on.