**Leap Therapeutics Rebrands as Cypherpunk Technologies, Embraces Zcash-Focused Digital Asset Strategy**
Nasdaq-listed Leap Therapeutics has officially rebranded as Cypherpunk Technologies Inc., marking a significant strategic shift towards digital assets by focusing on ZEC, the native token of privacy coin Zcash.
The Cambridge-based biotechnology firm announced on Wednesday its intention to initiate a robust digital asset strategy, deploying capital raised through a recent $58.88 million private placement. The investment round was led by Winklevoss Capital, the venture capital firm founded by Gemini creators Cameron and Tyler Winklevoss, according to a press release shared with Decrypt.
Cypherpunk Technologies has already purchased 203,775.27 ZEC at an average price of $245 per token, utilizing $50 million of the capital raised. Starting Thursday, the company will trade under its new ticker symbol, CYPH.
This bold move puts Cypherpunk Technologies in line with a growing number of publicly traded companies adopting cryptocurrencies as part of their treasury and balance-sheet strategies, echoing similar approaches pioneered by MicroStrategy with Bitcoin.
Unlike Bitcoin’s fully transparent blockchain, Zcash is the largest privacy-focused cryptocurrency. It employs zero-knowledge proofs to verify transactions, enabling users to keep wallet addresses and amounts confidential. This privacy feature has set Zcash apart, especially as concerns over on-chain surveillance continue to rise.
Recent market activity saw Zcash surge nearly tenfold within two months, peaking close to $735 on Friday, which precipitated $51 million in short liquidations. Although the price has since eased to about $464 as of early Wednesday, Zcash remains 85% below its 2016 all-time high of $3,191, according to CoinGecko data.
Douglas E. Onsi, President and CEO of Cypherpunk Technologies, emphasized that the company’s digital-asset holdings will both complement its biotechnology business and “create long-term shareholder value through active participation in Zcash.”
The rebrand also ushers in several leadership changes. Khing Oei has been appointed Chairman, and Will McEvoy, a Principal at Winklevoss Capital, joins as Cypherpunk’s first-ever Chief Investment Officer and new board member, effective Monday. Oei is also known as the founder and CEO of Treasury, a Netherlands-based Bitcoin treasury firm that raised $147 million (€126 million) last September in a private round led by Winklevoss Capital and Nakamoto Holdings.
Other crypto treasuries have struggled under the pressure of “short-term, mercenary capital,” said McEvoy. In contrast, Cypherpunk has built a “value-aligned” investor base dedicated to the long-term significance of Zcash and the protection of privacy both in the United States and globally.
Will Owens, a research analyst at Galaxy Digital, recently noted that Zcash is gaining traction as an alternative to Bitcoin amid growing fears of on-chain surveillance. “Zcash’s advocates frame it as ‘encrypted Bitcoin,’ a return to cypherpunk principles that resonate amid widespread on-chain surveillance,” Owens wrote, highlighting the contrast with Bitcoin’s transparent transaction history.
Meanwhile, the parent company of Gemini—founded by the Winklevoss twins—recently filed to enter the prediction markets business and published its first quarterly results as a public company following its September IPO. Gemini reported a $159.5 million net loss in its Q1 earnings report, attributed primarily to IPO-related expenses and elevated marketing costs, according to a shareholder letter sent Tuesday.
As Cypherpunk Technologies forges a new path at the intersection of biotechnology and privacy-centric digital assets, its strategy and leadership could set a precedent for future public companies looking to innovate in both sectors.
https://bitcoinethereumnews.com/tech/zcash-treasury-company-launches-with-winklevoss-backing/