Zcash Treasury Company Launches With Winklevoss Backing
Leap Therapeutics, a Nasdaq-listed biotechnology firm, has rebranded as Cypherpunk Technologies Inc. to pursue a digital asset strategy centered on acquiring Zcash (ZEC), the leading privacy-focused cryptocurrency. Backed by a $58.88 million private placement led by Winklevoss Capital, Cypherpunk has bought 203,775 ZEC at an average price of $245 per token using $50 million of the proceeds. The firm will trade under the new ticker CYPH and aims to complement its biotech business with a crypto treasury strategy, emulating other public companies holding digital assets. The company emphasizes Zcash’s privacy features, relying on zero-knowledge proofs to conceal transaction details, positioning ZEC as an alternative to transparent blockchains like Bitcoin. Leadership changes accompany the shift, with Khing Oei as Chairman and Will McEvoy of Winklevoss Capital as the company's first CEO. Cypherpunk distinguishes itself by building a long-term, value-aligned investor base focused on privacy principles. Zcash has seen a sharp recent price surge, drawing increased interest amid growing concerns over on-chain surveillance.
