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
— TylerD 🧙♂️ (@Tyler_Did_It) November 12, 2025
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
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 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 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:
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 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.
