Leap Therapeutics surges 170% after $50M Zcash buy with Winklevoss backing
The biotech firm is shifting to a crypto-focused strategy, backed by Winklevoss Capital, and investing $50 million in the Zcash protocol’s native token.
Shares of Leap Therapeutics (Nasdaq: LPTX) surged more than 170% in early trading on Wednesday after the company announced a shift to a crypto treasury strategy.
The company announced its rebranding as Cypherpunk Technologies (Nasdaq: CYPH) and adoption of a digital asset treasury strategy focused on Zcash (ZEC), the native token of the Zcash protocol.
The biotech company used $50 million from a $58.88 million private placement led by Winklevoss Capital to purchase 203,775 Zcash (ZEC) at an average price of $245.37 per token, marking a move away from biotechnology and into the crypto sector.