The firm raised $58.88 million in a Winklevoss-led round and will trade under the ticker CYPH.
Nasdaq-listed Leap Therapeutics has officially transitioned into Cypherpunk Technologies Inc., marking a dramatic pivot from biotechnology to digital assets.
The Massachusetts-based company announced its rebrand and a new treasury strategy centered on Zcash (ZEC), the privacy-focused cryptocurrency.
The firm will begin trading under the ticker CYPH on Thursday, following a $58.88 million private placement led by Winklevoss Capital, the venture firm founded by Gemini co-founders Cameron and Tyler Winklevoss.
From the proceeds, Cypherpunk has already allocated $50 million to purchase 203,775.27 ZEC at an average price of $245 per token. The remaining funds will support operational expansion and corporate restructuring as the company integrates its crypto strategy with its biotech roots.
The rebrand places Cypherpunk Technologies among a growing group of public companies using digital assets as balance-sheet reserves. Similar to Strategy’s Bitcoin playbook, Cypherpunk’s approach aims to diversify treasury holdings while positioning Zcash as a hedge against traditional financial exposure.
Zcash, known for its zero-knowledge proof architecture, enables transaction verification without revealing amounts or addresses, a stark contrast to Bitcoin’s fully transparent ledger.
Chief Executive Douglas E. Onsi said the company’s pivot complements its biotechnology expertise by “creating long-term shareholder value through active participation in Zcash.”
Cypherpunk’s rebrand coincides with sweeping leadership changes. Khing Oei, founder of Treasury, a Netherlands-based Bitcoin treasury company, has been appointed Chairman. Will McEvoy, Principal at Winklevoss Capital, will assume the role of CEO and join the board effective Monday.
Oei’s Treasury firm raised $147 million (€126 million) in September through a round backed by Winklevoss Capital and Nakamoto Holdings, highlighting growing institutional alignment around long-term crypto treasuries.
McEvoy said Cypherpunk distinguishes itself from other firms that faltered under “short-term, mercenary capital,” adding that its investors share a “value-aligned” vision for the strategic importance of Zcash and financial privacy globally.
Market analysts see the company’s entry into Zcash as a potential catalyst for mainstream adoption. Galaxy Digital researcher Will Owens noted that Zcash is emerging as a preferred alternative to Bitcoin among investors wary of blockchain surveillance and transaction tracing.
Zcash’s price has surged nearly tenfold in two months, reaching a high of $735 last Friday before stabilizing near $464, according to CoinGecko. Despite being 85% below its 2016 peak of $3,191, the renewed momentum has triggered over $51 million in short liquidations.
Interest surged last month after former BitMEX CEO Arthur Hayes forecasted in a viral X post that the ZEC token could reach $10,000. Trading activity has risen significantly, with ZEC ranking second by 24-hour volume on Coinbase at the time of reporting. The token recorded $345 million in trades, exceeding Ethereum’s $288 million.
In parallel, the Zcash Foundation, which manages core development and community grants for the $7.7 billion protocol, announced new leadership appointments. Pili Guerra has been promoted from Engineering Manager to Head of Engineering, while Danika Delano has been promoted to Chief Operating Officer.
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