Zcash (ZEC) Surges, Leap Therapeutics (LPTX) Jumps on Winklevoss-Backed Digital Asset Treasury
CoinDesk
Leap Therapeutics pivoted to a digital treasury firm, bought $50M in Zcash, and rebranded as Cypherpunk Technologies (CYPH), causing its stock to surge.Summary
Former oncology biotech firm Leap Therapeutics (LPTX), after raising $58.9 million in funding led by Winklevoss Capital, announced a pivot to become a digital treasury firm. As part of this pivot, the company purchased $50 million worth of Zcash (ZEC). Concurrently, Leap Therapeutics is rebranding as Cypherpunk Technologies and will begin trading under the new ticker CYPH starting Thursday. The news caused LPTX shares to jump 369% on Wednesday. Cypherpunk's CIO, Will McEvoy, stated they chose Zcash as a long-term hedge against surveillance, contrasting their strategy with other digital asset treasuries that often use short-term capital. Zcash itself has seen its value more than double since Leap's investment.
(Source：CoinDesk)