Published: November 13, 2025
Cypherpunk Technologies Inc. — the newly renamed Leap Therapeutics — began trading on the Nasdaq this morning under the ticker CYPH, marking the company’s formal pivot from oncology biotech to a “digital‑asset treasury” strategy centered on Zcash (ZEC). Options symbols and identifiers also updated in step with the change. [1]
What changed today
- Ticker change went live at the open: Common stock now trades as CYPH on Nasdaq. MIAX Options also switched the contract to CYPH and listed a new CUSIP (52187K200) for deliverables. [2]
- Quarterly update published: Management furnished third‑quarter 2025 results and a corporate update tied to the rebrand. [3]
- Equity facility filed: The company entered a Controlled Equity Offering (ATM) Sales Agreement with Cantor Fitzgerald allowing sales of up to $200 million of common stock “from time to time.” [4]
- Volatile first session: By mid‑session, quotes showed a wide intraday range of $1.34 to $1.98, with pre‑market indications earlier near $1.55 (‑~24%) as the market digested the financing capacity and strategy shift. Always check real‑time data with your broker. [5]
The strategy pivot: from Leap Therapeutics to Cypherpunk
The company has rebranded to Cypherpunk Technologies Inc. and disclosed a $50 million initial purchase of 203,775.27 ZEC (Zcash’s native coin) at a $245.37 average cost using proceeds from its October private placement led by Winklevoss Capital. Management frames the move as a digital‑asset treasury focused on privacy‑preserving technology while it preserves and continues its drug‑development work under a separate, wholly owned subsidiary that will operate as Leap Therapeutics, Inc. [6]
Context on Zcash: In the company’s materials, Zcash is described as Bitcoin‑derived but employing zero‑knowledge proofs that allow private transactions with selective disclosure — a core rationale for the privacy‑centric treasury thesis. [7]
Q3 2025 at a glance
The third‑quarter press release highlighted a dramatically leaner operating profile following this year’s restructuring:
- Net loss:$3.3M (Q3 2025) vs $18.2M (Q3 2024)
- R&D expense:$1.2M vs $14.9M (year‑ago)
- G&A expense:$1.9M vs $2.9M (year‑ago)
- Cash & equivalents:$9.7M as of Sept. 30, before the October private placement closing
Management also recapped final Phase 2 data for sirexatamab in colorectal cancer presented at ESMO 2025 and said it plans to discuss potential registration pathways with regulators. [8]
Capital plan and dilution watch
- $58.88M private placement (October): The company previously closed a cash private placement led by Winklevoss Capital to jump‑start the treasury strategy. [9]
- Up to $200M ATM facility (filed Nov. 12): A new Controlled Equity Offering with Cantor Fitzgerald permits “at‑the‑market” issuance of common stock, which can provide flexibility but also creates dilution risk if used heavily at volatile prices. Investors should monitor 8‑K/424B5 updates to track actual usage. [10]
Leadership & governance updates
To steer the treasury strategy, the board appointed Khing Oei as Chairman and Will McEvoy as Chief Investment Officer and director effective Nov. 11, with related employment and consulting agreements disclosed in the 8‑K. The filing also details equity awards to directors and senior executives tied to the transition. [11]
Today’s trading snapshot
- First session as CYPH: Intraday volatility has been elevated, with published ranges between $1.34 and $1.98 as of early afternoon. Pre‑market commentary flagged a sharp drop as investors weighed the new ATM capacity and strategic shift. Note that prints can move quickly on rebrand days and may differ across venues and data providers. [12]
What to watch next
- Treasury activity disclosures: Any additional ZEC purchases, custody details, or hedging policies — and how management sizes the position relative to cash. [13]
- ATM usage: 8‑K/424B5 supplements will show if and when the $200M capacity is tapped (and at what average prices). [14]
- Biotech pipeline path: The Leap Therapeutics subsidiary will handle ongoing R&D; look for 2026 guidance on sirexatamab engagement with regulators. [15]
- Shareholder calendar: The company has circulated proxy materials for a Dec. 15, 2025 special meeting covering corporate actions aligned with the transition. [16]
Ticker & identifiers
- New ticker:CYPH (Nasdaq) — formerly LPTX
- Options symbol: CYPH (was LPTX)
- CUSIP (common):52187K200 (per MIAX notice) [17]
Sources
- Company press releases (rebrand, Q3 2025 results and ZEC purchases). [18]
- SEC 8‑K and exhibits (name/ticker change, ZEC details, board & CIO appointments, and ATM exhibits). [19]
- 424B5 prospectus supplement for the $200M Controlled Equity Offering Sales Agreement with Cantor Fitzgerald. [20]
- MIAX Options memo confirming symbol change and CUSIP. [21]
- Q3 financials and program update (press release carried by BioSpace). [22]
- Session pricing context and pre‑market move. [23]
This article is for information only and is not investment advice.
References
1. www.prnewswire.com, 2. www.prnewswire.com, 3. www.biospace.com, 4. www.sec.gov, 5. finance.yahoo.com, 6. www.prnewswire.com, 7. www.biospace.com, 8. www.biospace.com, 9. www.prnewswire.com, 10. www.sec.gov, 11. www.prnewswire.com, 12. finance.yahoo.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.biospace.com, 16. www.biospace.com, 17. www.miaxglobal.com, 18. www.prnewswire.com, 19. www.sec.gov, 20. www.sec.gov, 21. www.miaxglobal.com, 22. www.biospace.com, 23. finance.yahoo.com
