Former biotech firm Leap Therapeutics has officially rebranded as Cypherpunk Technologies, unveiling a bold new direction focused on privacy-oriented digital assets. As part of the transformation, the company announced the creation of a $50 million Digital Asset Treasury (DAT) built around the privacy coin Zcash (ZEC).
The initiative was fully funded through a private stock placement led by Winklevoss Capital, which enabled the acquisition of 203,775.27 ZEC at an average price of $245 per token. Starting November 7, 2025, Cypherpunk Technologies will begin trading on Nasdaq under the new ticker symbol CYPH.
“We are building long-term value for our shareholders through active participation in the Zcash ecosystem,” said Douglas Onsi, President and CEO of Cypherpunk Technologies.
The move places Cypherpunk among a growing list of publicly traded firms integrating cryptocurrencies into corporate treasuries, similar to MicroStrategy’s Bitcoin-focused approach. However, Cypherpunk stands out for its dedication to privacy assets, particularly Zcash, which uses zero-knowledge proofs to verify transactions without revealing senders, recipients, or amounts.
According to CoinMarketCap, Zcash’s price has surged nearly tenfold in the past two months, peaking around $750 before stabilizing near $464 — still 85% below its 2016 all-time high.
Corporate restructuring also includes the appointment of King Oei as Chairman of the Board. Oei is the founder and CEO of Treasury, a Netherlands-based firm that raised $147 million in September with backing from Winklevoss Capital and Nakamoto Holdings.
Meanwhile, Will McEvoy, Partner at Winklevoss Capital, has been named Chief Investment Officer of Cypherpunk and will also join the board.
“Other crypto treasuries have collapsed under short-term, mercenary capital. We’ve built a base of investors who share Zcash’s values and see privacy as essential to both the U.S. and the world,” McEvoy emphasized.
According to Galaxy Digital analyst Will Owens, investor interest in Zcash has grown amid rising concerns about blockchain surveillance.
“Supporters call Zcash the ‘encrypted Bitcoin’ — a return to true cypherpunk values in an era of on-chain monitoring,” Owens wrote in his report.
The launch of Cypherpunk Technologies aligns with the revival of the Zcash ecosystem. In late October, Electric Coin Co. (ECC) released an updated roadmap, and by early November, ZEC reached a multi-year high above $536. Analysts now confirm that large-scale accumulation, previously observed on-chain, was likely linked to Cypherpunk’s treasury initiative.
