TL;DR
Leap Therapeutics, a biotechnology company based in Cambridge, has rebranded as Cypherpunk Technologies Inc. after announcing a strategic shift toward crypto assets. The move includes the purchase of 203,775.27 Zcash (ZEC) tokens at an average price of $245, marking one of the largest corporate acquisitions of a privacy-focused cryptocurrency.
The company stated that part of the $58.88 million raised through a private placement led by Winklevoss Capital will be used to support its new direction. Of that amount, $50 million has already been allocated to acquire ZEC, reinforcing its balance sheet with a treasury strategy centered on digital holdings. Starting Thursday, the firm trades on Nasdaq under the new ticker CYPH.
CEO Douglas E. Onsi said the company’s digital asset holdings “will complement the biotech business” and “create long-term shareholder value through active participation in Zcash.” The strategy aims to merge technological advancement with financial diversification, following the path of other corporations using crypto as part of their treasury portfolios.
Zcash, a privacy-oriented cryptocurrency built on zero-knowledge proofs, enables transaction verification without disclosing wallet addresses or amounts—unlike Bitcoin’s transparent ledger. The asset has surged nearly tenfold in two months, peaking near $735 before stabilizing around $464, reinforcing investor interest in privacy-based blockchain solutions.
The rebrand also brought executive changes. Khing Oei, founder of Treasury, was appointed chairman, while Will McEvoy, a principal at Winklevoss Capital, became Chief Investment Officer and joined the board. Oei previously led a $147 million (€126 million) private round backed by Winklevoss Capital and Nakamoto Holdings.
McEvoy noted that many crypto treasury initiatives have failed due to reliance on “short-term, mercenary capital” whereas Cypherpunk has built a “value-aligned investor base focused on the long-term importance of privacy and Zcash.”
Analyst Will Owens of Galaxy Digital recently observed that Zcash is gaining traction as an alternative to Bitcoin amid rising concerns about on-chain surveillance. With its pivot, Cypherpunk Technologies positions itself as a hybrid player between biotechnology and digital finance, pursuing a strategy that could redefine corporate treasury management in the years ahead.
