From biotech to blockchain: Leap Therapeutics becomes Cypherpunk and unveils Zcash-based corporate treasury plan

Leap Therapeutics Inc. has completed one of the boldest pivots in public markets this year, rebranding as Cypherpunk Technologies Inc. and unveiling a sweeping shift from clinical-stage biotechnology to digital-asset treasury management. The newly renamed company confirmed it has purchased approximately $50 million worth of Zcash, the privacy-focused cryptocurrency, as part of its new balance-sheet diversification strategy. The move positions Cypherpunk alongside a small but growing group of public companies adopting blockchain-based assets as long-term store-of-value holdings.

Cypherpunk stated that the rebrand aligns with its mission to “advance digital privacy and sovereignty through strategic asset allocation.” The company’s Nasdaq ticker will officially change from LPTX to CYPH, marking a complete identity transition away from oncology research toward digital-finance innovation. Leadership appointments accompanied the shift, with Khing Oei named Chairman of the Board and Will McEvoy joining as Chief Investment Officer and Board Member. Both executives are veterans of the digital-asset sector, signaling that this is more than a cosmetic rebrand—it’s a structural pivot to crypto treasury strategy.

Why is a former biotech company pivoting from oncology research to a Zcash-focused digital asset treasury model?

The transition from Leap Therapeutics to Cypherpunk Technologies reflects an attempt to reinvent corporate purpose at a time when small-cap biotech companies face immense capital pressure. Leap’s clinical pipeline—once anchored by antibody programs such as sirexatamab (DKN-01) and FL-501—had been weighed down by development costs and uncertain regulatory timelines. As liquidity tightened, the board opted to redirect available resources into what it described as “long-horizon digital assets representing financial autonomy.”

Cypherpunk identified Zcash as its primary holding due to the cryptocurrency’s strong privacy framework and its use of zero-knowledge proofs. The company emphasized that financial privacy, once treated as a regulatory challenge, is emerging as a “strategic asset class” in an increasingly surveilled global economy. This framing allows Cypherpunk to position itself at the intersection of financial-technology innovation and decentralized sovereignty. The management team described the Zcash portfolio as a reserve of value rather than a speculative instrument, suggesting a treasury-focused rather than trading-oriented approach.

Industry observers have noted that the timing aligns with renewed institutional interest in privacy coins, as decentralized-finance markets consolidate around assets that combine auditability with confidentiality. Cypherpunk’s executives said the Zcash allocation will be managed using long-term cost-averaging and self-custody principles, echoing practices used by corporate pioneers of the Bitcoin treasury model such as MicroStrategy and Marathon Digital.

How are investors reacting to Cypherpunk’s pivot and what does market sentiment suggest about its future valuation path?

Investor reaction to the rebrand and digital-treasury disclosure has been extraordinary. The stock, still trading under the Leap Therapeutics ticker at the time of the announcement, surged more than 300% in early trading, briefly exceeding $2.00 per share after having traded below $0.45 the previous session. Trading volumes spiked to record levels, reflecting both retail enthusiasm and algorithmic interest in the first publicly listed company to pivot entirely from biotech to blockchain.

Analyst commentary has been divided. Some traders framed the surge as a “novelty trade,” driven by the sudden introduction of a crypto theme into a low-float biotech stock. Others suggested it represents the emergence of a new hybrid category of public equities—companies holding digital assets while retaining traditional corporate structures. Automated reports from financial analytics platforms continued to rate the shares as “Underperform,” setting target prices near pre-announcement levels, highlighting skepticism over long-term fundamentals.

The sentiment analysis shows a short-term euphoria phase, but institutional investors are more measured. They are evaluating whether Cypherpunk can sustain governance, compliance, and transparency standards while managing a treasury composed largely of privacy coins. The leadership team’s credibility—especially McEvoy’s prior experience with crypto venture funds—will be critical in bridging the trust gap between speculative retail buyers and cautious institutional capital.

How does the financial transformation redefine the company’s risk profile and operational identity in public markets?

In its last reported quarter before rebranding, the company had posted a net loss of $3.3 million, down significantly from $18.2 million the previous year. Research and development expenses fell sharply to $1.2 million as clinical operations wound down. Following a $58.88 million private placement led by Winklevoss Capital, Cypherpunk allocated roughly $50 million of those proceeds toward the Zcash purchase at an average price of $245 per coin.

This effectively transforms the company’s balance sheet into a dual-asset portfolio combining fiat reserves and digital holdings. The shift carries volatility risk but also introduces a potentially high-yield treasury layer if Zcash appreciates over time. Cypherpunk disclosed that its digital-asset allocation may cause stock performance to correlate more with cryptocurrency market trends than with biotechnology indices. That reclassification could reposition the company’s investor base away from healthcare-focused funds toward technology and digital-finance investors.

The rebrand also introduces governance and accounting complexities. Privacy coins such as Zcash use shielded transactions that obscure sender and receiver details, complicating standard financial audits. The company has committed to transparent reporting and third-party attestations to reassure regulators and investors that its holdings comply with anti-money-laundering standards and custodial requirements. This will be a crucial credibility test as the U.S. Securities and Exchange Commission continues tightening oversight of digital-asset disclosures by listed entities.

What strategic questions arise as Cypherpunk integrates blockchain assets into a listed corporate structure?

Analysts and shareholders are watching how Cypherpunk manages the operational divide between its legacy biotech subsidiary and its digital-asset division. One question is whether the remaining oncology programs will be sold, spun off, or retained as minority ventures. Another involves capital efficiency: how will Cypherpunk balance long-term crypto accumulation with short-term liquidity needs typical of a small public company?

The pivot also places Cypherpunk in the policy spotlight. Zcash’s strong privacy protocols have drawn regulatory scrutiny in several jurisdictions. The company will need to establish clear frameworks for custody, compliance, and taxation, potentially creating new precedents for how public issuers account for privacy coins under GAAP. Additionally, its board may face pressure to articulate a coherent strategy that aligns shareholder rights with digital-asset management practices—an area where few public precedents exist.

Despite these challenges, Cypherpunk’s move fits within a broader pattern of corporate diversification into crypto-treasury assets. The difference lies in its scale and audacity: rather than simply adding digital assets to a traditional business model, Cypherpunk has redefined its core identity around them. If Zcash performs strongly and regulatory clarity improves, this could prove to be a defining example of a biotech-turned-fintech success story. If volatility overwhelms its treasury, however, the company may struggle to justify its new valuation multiple.

How does this transformation reflect broader trends in corporate treasury management and investor psychology?

The Cypherpunk pivot illustrates how digital-asset strategies are expanding beyond traditional technology and payments companies. While Bitcoin has become the favored reserve for corporate balance sheets, Zcash’s inclusion signals a maturing debate around financial privacy. It also underscores a generational shift in how treasury managers view diversification, particularly among firms seeking to reinvent themselves amid sectoral headwinds.

For investors, the move provokes both fascination and skepticism. The convergence of biotech and blockchain captures the market’s appetite for speculative narratives, but it also highlights how corporate identity can be re-engineered through financial innovation rather than operational continuity. Cypherpunk’s leadership appears to be betting that shareholder value will increasingly be driven by asset allocation rather than product pipelines—a thesis that will be tested in the coming quarters as crypto and equity markets continue to intertwine.

In the near term, analysts expect high volatility as the company’s share price begins to mirror Zcash market behavior. Over time, the success of Cypherpunk Technologies will hinge on its ability to implement disciplined treasury management, transparent governance, and narrative coherence around financial privacy as a legitimate strategic asset. The experiment could redefine not only its future but also how investors perceive the boundary between traditional corporate finance and decentralized digital capital.