Cypherpunk builds Zcash treasury with Winklevoss backing

Cypherpunk Technologies is staking its public identity on Zcash, a conviction play made possible by long-term capital from Winklevoss Capital.

Cypherpunk Technologies — previously doing business as biotech company Leap Therapeutics — deployed $50 million from a recent private placement to acquire 203,775 Zcash (ZEC) tokens.

The pivot is backed by a $58.88 million capital infusion led solely by Winklevoss Capital, with the firm’s principal, Will McEvoy, joining the board as Chief Investment Officer. Veteran digital asset investor Khing Oei was also appointed Chairman, cementing a leadership team built for this new direction.

Cypherpunk doubles down on privacy with Zcash treasury

Cypherpunk framed its multimillion-dollar ZEC acquisition not as a speculative trade, but as a strategic necessity. The company sees Zcash as “digital privacy in asset form,” a direct hedge against what it describes as the inherent transparency of both Bitcoin and the legacy financial system.

This conviction is rooted in the belief that as more financial activity migrates to blockchains, the demand for selective disclosure, including the ability to prove payment without revealing every detail to the public, will become paramount. Cypherpunk intends to be an active participant in the Zcash community, potentially moving beyond passive holding to influence the protocol’s development.

Cypherpunk’s pivot arrives during a significant resurgence for the privacy-focused token. ZEC has been one of the standout performers of the year, rallying over 1,000% amid a broader renaissance for privacy-enhancing technologies.

After reaching a high of $723 on November 7, its highest price since 2018, the token has consolidated some gains. At the time of publication, ZEC was exchanging hands around $477, placing Cypherpunk’s average purchase price of $245.37 in a favorable light and valuing its current holdings at approximately $97 million.

Simultaneously with its rebrand, Cypherpunk reported its third-quarter 2025 financial results, revealing a narrowed net loss of $3.3 million compared to $18.2 million in the same period last year. The company ended the quarter with $9.7 million in cash, a balance that was subsequently bolstered by the $58.88 million Winklevoss Capital-led private placement in October.

Before the pivot, Leap Therapeutics was firmly focused on developing novel therapies for cancer patients, including Phase 2 trials of sirexatamab in combination with chemotherapy for advanced colorectal cancer.