Cypherpunk Technologies Rebrands, Allocates $50M to Zcash Amid 30% Stock Slide

Introduction

Cypherpunk Technologies Inc (Nasdaq: CYPH), formerly Leap Therapeutics, Inc., is a Nasdaq-listed company that combines a biotechnology pipeline with a digital asset treasury strategy. On November 12, 2025, the company rebranded to reflect its focus on accumulating and managing Zcash (ZEC), a privacy-preserving cryptocurrency, alongside ongoing development of its clinical candidates.

Corporate Structure and Experience

Cypherpunk Technologies is governed by a Board of Directors that includes investment and legal expertise. Effective November 11, 2025, Khing Oei was appointed Chairman of the Board and Will McEvoy became the company’s first Chief Investment Officer and a Board member. Douglas E. Onsi continues as President and Chief Executive Officer, and Christopher Mirabelli, PhD, remains on the Board.
For its recent $58.88 million private placement and an SEC-registered at-the-market offering of up to $200 million, Cypherpunk retained Morgan Lewis & Bockius LLP, a global law firm.

Zcash by OB OA

Recent Developments and News

• Name Change and Ticker: On November 12, 2025, Leap Therapeutics, Inc. announced its rebranding as Cypherpunk Technologies Inc. and the adoption of ticker symbol CYPH. Trading under the new symbol began on November 13, 2025.
• Digital Asset Acquisition: The company utilized $50 million of the proceeds from a $58.88 million private placement led by Winklevoss Capital to purchase 203,775.27 ZEC at an average price of $245.37 per coin.
• Leadership Appointments: Khing Oei and Will McEvoy joined the Board on November 11, 2025, with McEvoy also serving as CIO. Christopher Mirabelli stepped down as Chairman but remains a director.
• Legal and Financing: On November 12, 2025, Morgan Lewis announced its role advising Cypherpunk on the private placement and the at-the-market offering of common stock.

Financial and Strategic Analysis

As of November 13, 2025, the stock closed at $1.4288, representing a 30.30% decline on the day, with a trading volume of 6,357,010 shares on the Nasdaq. The digital asset treasury strategy allocates a significant portion of the private placement proceeds to Zcash acquisition, which provides a hedge against transparent blockchains and traditional financial infrastructure.
The at-the-market offering registration suggests potential access to up to $200 million in incremental capital, which could fund additional ZEC purchases, support ongoing clinical programs (sirexatamab and FL-501), or fulfill general corporate purposes. The appointment of a dedicated CIO indicates a shift toward active management of digital assets.

Market Position and Industry Context

Cypherpunk joins a growing number of publicly traded companies adopting digital asset treasuries. Companies like MicroStrategy hold over 641,000 BTC, BitMine Immersion Technologies manages more than 3.5 million ETH, and CEA Industries reported $663 million in digital and cash assets.
Zcash, launched in 2016, utilizes zero-knowledge proofs to enable private yet auditable transactions. With a fixed supply of 21 million coins and ongoing protocol upgrades (including Halo 2), ZEC is classified as one of the established privacy coins. Cypherpunk’s emphasis on Zcash distinguishes it from peers primarily focused on Bitcoin or Ethereum.

tl;dr

On November 12, 2025, Leap Therapeutics rebranded as Cypherpunk Technologies Inc (Nasdaq: CYPH) and began trading under the new ticker on November 13. The company raised $58.88 million in a private placement led by Winklevoss Capital and allocated $50 million to acquire 203,775.27 ZEC at $245.37 each. Key leadership changes effective November 11 include Khing Oei as Chairman and Will McEvoy as CIO. With a stock price of $1.4288 (down 30.30% on November 13) and an SEC-registered at-the-market offering of up to $200 million, Cypherpunk is positioned to enhance its ZEC holdings and pursue its dual biotech and digital asset strategy. A shareholder vote on the rebrand and business plan is scheduled for December 15, 2025.