Leap Therapeutics Becomes Cypherpunk, Commits $50M to Zcash Treasury Strategy

TLDR:

• Cypherpunk invested $50M to acquire 203,775.27 ZEC, signaling a long-term privacy asset strategy shift.
• The firm will trade under ticker CYPH from November 13 after its Leap Therapeutics rebrand.
• Winklevoss Capital led the $58.88M private placement that financed Cypherpunk’s Zcash treasury move.
• Zcash’s zk-SNARKs technology and fixed 21M supply underpin Cypherpunk’s privacy-focused blockchain vision.
  

Cypherpunk Technologies, formerly Leap Therapeutics, has entered the digital asset space with a decisive move. The Nasdaq-listed firm confirmed its rebranding and the launch of a $50 million Zcash treasury initiative. 

The transition also includes a ticker change to CYPH effective November 13. The company’s pivot marks one of the most aggressive corporate shifts toward privacy-focused blockchain assets in 2025.

Cypherpunk Acquires Over 200K Zcash in Treasury Push

According to a company press release, Cypherpunk Technologies used proceeds from a recent $58.88 million private placement to purchase 203,775.27 ZEC at an average price of $245.37 per token. The acquisition underscores the firm’s long-term bet on Zcash, one of the most established privacy-preserving cryptocurrencies.

The financing round was led by Winklevoss Capital, the only institutional investor in the placement, which contributed the majority of funds raised. 

The firm’s new strategy focuses on positioning Zcash as a core treasury asset alongside its operational rebrand. The company emphasized that the decision aligns with a broader mission to promote privacy-focused blockchain infrastructure.

As part of the leadership restructuring, Khing Oei has been named Chairman of the Board, while Will McEvoy assumes the role of Chief Investment Officer. Both appointments took effect on November 11. 

According to the company, this leadership team will oversee treasury growth and digital asset management as part of its expanded corporate mission.

Trading under the CYPH ticker begins on November 13, allowing investors to engage with the stock under its new identity. The firm’s previous Chairman, Christopher Mirabelli, will remain on the board, ensuring continuity during the transition.

Privacy and Self-Sovereignty at the Core of Cypherpunk’s Vision

Cypherpunk’s new strategy is grounded in the belief that privacy represents both a social necessity and an economic opportunity. The company described privacy as the “silent precondition of freedom,” emphasizing its role in enabling speech, association, and personal autonomy in the digital age.

Zcash, launched in 2016 as a Bitcoin fork, employs advanced zero-knowledge proofs (zk-SNARKs) to allow transaction validation without disclosing amounts or participants. The protocol’s continuous evolution, including upgrades like Halo 2, enhances scalability and security without relying on trusted setups.

Zcash remains one of the few privacy coins maintaining consistent network development and decentralization metrics. Its capped supply of 21 million coins mirrors Bitcoin’s monetary model, but with embedded privacy utility. 

Cypherpunk’s move positions it to benefit from this dual nature, monetary soundness with enhanced confidentiality.

The company framed Zcash as a form of “digital privacy in asset form,” viewing it as a counterbalance to Bitcoin’s transparency. As blockchain adoption expands across financial systems, Cypherpunk aims to lead corporate engagement with privacy technologies that protect user sovereignty in a data-driven world.

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