Copyright The Street
Leap Therapeutics (Nasdaq: LPTX), a Cambridge, Massachusetts-based biotechnology company, is going to rebrand itself into Cypherpunk Technologies Inc., the company announced on Nov. 12. Cypherpunk will begin trading under its new ticker symbol CYPH tomorrow onward. The goal is to transform from a biotech company into a crypto treasury firm focused on accumulating Zcash's native coin, ZEC. By now, the company has used $50 million of proceeds from a private placement to purchase 203,775.27 ZEC at an average purchase price of $245.37 per coin. The company recently secured $58.88 million in a private placement led by Winklevoss Capital, an investment firm founded in 2012 by Cameron and Tyler Winklevoss. The billionaire twins, famously involved in a copyright lawsuit with Facebook founder Mark Zuckerberg, founded the Gemini crypto exchange in 2014. Leap Therapeutics' stock jumped more than 100% to trade at $87.55 at the time of writing. More News: Gemini launches credit card offering Solana rewards with auto-staking Tyler Winklevoss boasts Gemini victory but has another app installed Analyst calls Gemini stock 20 times oversubscribed after massive debut Scroll to Continue Recommended Articles Tyler Winklevoss calls Zcash 'encrypted bitcoin' Launched as a fork of Bitcoin (BTC) in 2016, Zcash positions itself as a privacy-focused cryptocurrency. Zcash introduced a breakthrough in privacy technology through the use of zero-knowledge proofs (zk-SNARKs), allowing transactions to be verified without revealing sender, receiver, or amount. Reacting to the latest development, Tyler Winklevoss wrote on X that Cypherpunk is dedicated to privacy and self-sovereignty as it will accumulate, build, and support privacy-protecting assets and technologies. The company is accumulating Zcash at what he believed to be "a significant discount to Zcash’s true long-term value." Cypherpunk plans to own at least 5% of the total ZEC supply, he added. Tyler also talked at length about what he called Zcash's "highly symbiotic relationship" with Bitcoin. "If bitcoin is digital gold, Zcash is encrypted bitcoin, or digital cash. One is your store of value, the other is how you privately move your value." The tech billionaire said he believed it's the right time to begin accumulating ZEC as the world enters the AI age. Based on its privacy or insurance features, it could very well capture a "meaningful percentage" of Bitcoin’s market capitalization, he added. He predicted that Bitcoin will hit the price of $1 million over the next 5-10 years and Zcash will also grow. At the time of writing, BTC was trading at $103,805.62 and ZEC was trading at $460.15.
