Leap Therapeutics shares surged 170% after the biotech firm announced its rebranding to Cypherpunk Technologies and a $50 million investment in Zcash. The company used proceeds from a $58.9 million private placement led by Winklevoss Capital to purchase 203,775 ZEC at an average price of $245.37, marking a strategic shift from biotech to crypto treasury management.
The move positions Cypherpunk among the first public companies to hold privacy-focused digital assets as core reserves. Zcash, a blockchain using zero-knowledge proofs for transaction privacy, has rallied sharply this year, rising from $48 to over $640. Analysts view the rebrand as part of a growing corporate interest in decentralized finance and digital asset integration.