- Leap Therapeutics (NASDAQ: LPTX) is rebranding to Cypherpunk Technologies Inc. and switching its ticker to CYPH on the Nasdaq Capital Market effective today, November 13, 2025. [1]
- The company has closed a $58.88 million private placement led by Winklevoss Capital and spent $50 million acquiring 203,775.27 Zcash (ZEC) at an average price of $245.37 per coin. [2]
- LPTX shares surged roughly 300–440% on Wednesday after the Zcash treasury strategy and rebrand were announced, triggering multiple volatility halts. [3]
- As of early Thursday, LPTX is trading around $2.05 ahead of the formal ticker roll to CYPH, while ZEC changes hands near $502, putting Cypherpunk’s Zcash stash at roughly $102 million on paper. [4]
- Q3 2025 results show a sharply narrower net loss and much lower R&D spend as the former biotech winds down costly trials but continues to develop its oncology assets alongside the new crypto-treasury focus. [5]
Ticker change: LPTX becomes CYPH on November 13, 2025
Today marks a pivotal moment for Leap Therapeutics’ shareholders: the stock is officially transforming into Cypherpunk Technologies Inc., with the Nasdaq ticker symbol changing from LPTX to CYPH at the market open on Thursday, November 13, 2025. [6]
Exchange notices and company press releases confirm that:
- Shares previously trading as LPTX will seamlessly roll to CYPH,
- There is no change to CUSIP or listing venue (still Nasdaq Capital Market), and
- Options listing will be updated accordingly to reflect the new symbol. [7]
For investors scanning tickers in their brokerage app today, that means LPTX disappears and CYPH appears, but it’s the same underlying company after the rebrand.
From cancer biotech to privacy‑coin treasury: why Leap rebranded as Cypherpunk
Until very recently, Leap Therapeutics was a clinical‑stage oncology biotech focused on developing sirexatamab (DKN‑01) and FL‑501 for cancer patients. [8]
On November 12, 2025, the company unveiled a dramatic strategic pivot:
- It will change its corporate name to Cypherpunk Technologies Inc.
- It is adopting a “digital asset treasury strategy” centered on Zcash (ZEC), a privacy‑focused cryptocurrency.
- The company explicitly frames privacy as a core mission and views Zcash as “digital privacy in asset form,” analogous to how some investors view bitcoin as “digital gold.” [9]
Management argues that as finance migrates onto blockchains and tokenized rails, privacy‑preserving infrastructure will become critical. Rather than just speculating on crypto prices, Cypherpunk says it intends to:
- Hold ZEC as a long‑term treasury asset,
- Participate actively in the Zcash ecosystem, and
- Continue advancing its cancer drug programs, effectively blending biotech with a crypto‑treasury model. [10]
This move plugs Cypherpunk into the broader wave of public companies that raise capital to buy and hold digital assets, a playbook popularized by MicroStrategy’s bitcoin‑heavy balance sheet. [11]
Inside Cypherpunk’s $50 million Zcash bet
The centerpiece of the new strategy is a large, highly concentrated bet on Zcash:
- Total acquired: 203,775.27 ZEC
- Aggregate purchase price: ~$50 million
- Average cost basis:$245.37 per ZEC [12]
As of this morning, ZEC trades around $502–505, roughly double Cypherpunk’s average entry price. [13]
At a price of about $502.54 per ZEC, that hoard is worth approximately $102.4 million on paper:
- 203,775.27 × $502.54 ≈ $102.4 million (before any fees or slippage).
In other words, the Zcash position alone is already showing a substantial unrealized gain compared with the original $50 million outlay, thanks to a sharp rally in privacy coins around the announcement. [14]
ZEC custody and partners
Cypherpunk has chosen Gemini as a key partner for safeguarding this treasury. Gemini’s official channels highlight that they are securing Cypherpunk’s ZEC holdings and frame the partnership as backing “a world built on privacy and individual control.” [15]
The Winklevoss‑backed private placement and $200M ATM program
To fund this pivot, Cypherpunk (still legally Leap Therapeutics at the time) completed a $58.88 million private placement:
- Lead (and only) institutional investor:Winklevoss Capital, the investment firm founded by Cameron and Tyler Winklevoss.
- Winklevoss Capital contributed a majority of the capital raised in the round. [16]
Alongside the private placement, Cypherpunk also established:
- An SEC‑registered at‑the‑market (ATM) equity offering for up to $200 million in common stock, giving the company flexibility to raise additional capital over time as it builds its treasury and funds operations. [17]
The law firm Morgan Lewis disclosed that it advised Cypherpunk on both the private placement and the ATM program, underlining that this is a serious, capital‑markets‑driven pivot rather than a casual brand refresh. [18]
New leadership: Khing Oei and Will McEvoy step in
Rebranding hasn’t stopped at the logo and ticker. Cypherpunk is also reshaping its board and leadership to match the new strategy:
- Khing Oei has been appointed Chairman of the Board.
- Will McEvoy has been appointed Chief Investment Officer (CIO) and joined the board.
- Former chairman Christopher Mirabelli, PhD is stepping down from the chair role but remains a director. [19]
Oei brings a background in distressed and special‑situations investing and previously ran a European hedge fund managing hundreds of millions of dollars, as well as a euro‑denominated bitcoin treasury firm. McEvoy is a principal at Winklevoss Capital, with deep experience in crypto and frontier technology investing. [20]
Their remit is clear: design and execute a Zcash‑centric treasury strategy that aims to create long‑term shareholder value, while also overseeing the legacy biotech assets.
Q3 2025 results: a leaner biotech underneath the crypto layer
Ahead of today’s first session as CYPH, the company released third‑quarter 2025 financial results and a corporate update. [21]
Key figures for the quarter ended September 30, 2025:
- Net loss:
- Q3 2025: $3.3 million
- Q3 2024: $18.2 million
→ A steep narrowing of the loss as large trial and manufacturing expenses come off the books. [22]
- Research & development (R&D) expenses:
- Q3 2025: $1.2 million
- Q3 2024: $14.9 million
→ Down by $13.7 million, driven by reduced clinical trial costs, lower manufacturing spend, and headcount reductions after completing key studies. [23]
- General & administrative (G&A) expenses:
- Q3 2025: $1.9 million
- Q3 2024: $2.9 million
→ Lower payroll, incentive compensation, and professional fees. [24]
- Cash and cash equivalents (as of September 30, 2025):
- $9.7 million, before the $58.88 million private placement, which closed in October. [25]
The company reiterates that it still intends to pursue development of sirexatamab and FL‑501 and expects to update investors on the registrational path for sirexatamab in Q1 2026. [26]
Taken together, Q3 numbers show a much leaner cost structure, with the large Zcash treasury and new capital sitting on top of a smaller, more focused R&D engine.
Market reaction: LPTX rockets ahead of CYPH debut
Markets have reacted explosively to the Cypherpunk pivot.
- Coverage from crypto and financial media reports that LPTX shares surged around 300–440% on Wednesday, as traders digested the Zcash acquisition, Winklevoss backing, and rebrand. [27]
- Zcash itself has also spiked, more than doubling in price since Cypherpunk began accumulating coins, further amplifying the perceived value of the treasury. [28]
Volatility has been intense:
- One widely‑circulated report notes that the Winklevoss‑backed stock was halted multiple times for volatility, with Cameron Winklevoss commenting on social media that LPTX had been paused due to extreme price swings before resuming trade. [29]
As of early trading data today, LPTX is quoted around $2.05, up massively from levels prior to the announcement, with the ticker scheduled to flip to CYPH at the open. [30]
What Cypherpunk’s Zcash pivot means for investors
For investors, Cypherpunk is now a hybrid story:
- Digital‑asset treasury play
- A large, concentrated bet on Zcash, secured with institutional‑grade custody and backed by a well‑known crypto investing firm (Winklevoss Capital). [31]
- Value will be highly sensitive to both ZEC’s price and sentiment towards privacy coins.
- Residual biotech option value
- Oncology assets (sirexatamab & FL‑501) still exist and may create additional upside if development progresses or the programs are partnered or sold. [32]
- New governance and capital tools
- A board chaired by a veteran special‑situations investor and a CIO drawn from Winklevoss Capital puts sophisticated capital allocation squarely at the center of the story. [33]
- The $200M ATM facility means further equity issuance is possible if the company chooses to grow the treasury or fund additional initiatives. [34]
Key upside themes
- Treasury mark‑to‑market: With ZEC holdings already significantly in the green, further price appreciation could translate into outsized book value gains. [35]
- Privacy narrative: If privacy coins and privacy‑enhancing tech continue to gain political and institutional attention, Cypherpunk’s “pure‑play Zcash treasury” angle may remain attractive to a specific class of investors. [36]
Key risks
- Regulatory scrutiny: Privacy‑focused cryptocurrencies like Zcash have historically attracted closer regulatory attention than transparent assets; new rules or restrictions could impact liquidity, exchanges, or use cases. [37]
- Concentration risk: The balance sheet is heavily concentrated in a single digital asset, making the company’s value highly volatile.
- Execution risk in two domains: Managing a crypto treasury business and a biotech pipeline simultaneously is complex and unusual.
Important: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or digital asset.
Key dates around Cypherpunk Technologies (CYPH)
- November 11, 2025 – Board changes become effective; Khing Oei and Will McEvoy join the board, with Oei as chairman and McEvoy as CIO. [38]
- November 12, 2025
- November 13, 2025 (today)
Quick FAQ
What happens to my LPTX shares after the ticker change?
Your LPTX shares automatically convert to CYPH in your brokerage account. The number of shares and your cost basis do not change solely because of the ticker or name change. [44]
Is Cypherpunk now “just a crypto company”?
Not entirely. Cypherpunk is pivoting to a Zcash‑focused digital asset treasury strategy, but it still owns and is developing oncology drug candidates sirexatamab and FL‑501, with further clinical updates expected in 2026. [45]
How big is Cypherpunk’s Zcash position today?
The company reports 203,775.27 ZEC purchased for $50 million. At a current ZEC price of about $502.54, that’s roughly $102 million in implied value, though this can change rapidly with market prices. [46]
Who is backing the new strategy?
The pivot is underpinned by a $58.88M private placement led by Winklevoss Capital, which was the sole institutional investor in the round, and by new leadership with deep experience in crypto and special‑situations investing. [47]
References
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