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Generated Title: Leap to Cypherpunk: Genius Pivot or Crypto Casino?
Leap Therapeutics, a biotech firm, has rebranded itself as Cypherpunk Technologies, diving headfirst into the world of Zcash (ZEC). The move, fueled by a $58.88 million private placement led by Winklevoss Capital, involves accumulating ZEC as a core treasury asset. They've already spent $50 million to purchase 203,775.27 ZEC (at an average price of $245.37 per ZEC). The question is: Is this a stroke of genius, or a reckless gamble?
The company's rationale hinges on the growing importance of privacy in a digitized world and Zcash's potential as "digital privacy in asset form." They believe Zcash can act as a hedge against the transparency of Bitcoin and traditional finance, particularly in an AI-driven future. This is a bold claim, but it lacks concrete, quantifiable support.
Cypherpunk aims to hold at least 5% of the total Zcash supply. Winklevoss believes that Zcash could become a meaningful percentage of Bitcoin's market capitalization, even saying that Bitcoin could reach $1 million by 2035.
Let's dissect this. As of today, November 14, 2025, Zcash is trading around $491. Cypherpunk's holdings are worth just under $100 million. To reach 5% of the ZEC supply, they'd need to amass over 800,000 ZEC. That's another $392 million at current prices. Where will that money come from? And what happens if ZEC tanks before they can accumulate that much?
The leadership team is also undergoing a shakeup. Khing Oei, founder and CEO of Treasury (a euro-denominated Bitcoin treasury firm), is now Chairman of the Board. Will McEvoy, a Principal at Winklevoss Capital, takes on the role of Chief Investment Officer. These appointments signal a clear shift in strategic direction. But what do they really bring to the table besides crypto enthusiasm? Oei's background is in distressed debt and special situations – hardly a ringing endorsement for a long-term crypto play. McEvoy's experience at Winklevoss Capital is relevant, but it's not like he's running a multi-billion dollar fund.
The company states that "backing privacy today is both a generational mission and a massive opportunity." The article also claims that "privacy is the silent precondition of freedom." These are lofty sentiments, but how do you quantify "freedom"? How does holding Zcash translate into tangible benefits for shareholders beyond speculative price appreciation?
Cypherpunk's Crypto Pivot: A Red Flag Disguised as Vision?
The Biotech Connection: A Convenient Exit?
Here's where things get interesting. Cypherpunk was Leap Therapeutics, a biotech firm focused on cancer therapies. In mid-2025, they cut 75% of their workforce and paused clinical work while "exploring strategic alternatives." In early October, they raised $58.9 million in a private placement led by Winklevoss Capital. Leap Therapeutics Rebrands as Cypherpunk; Expands Leadership Team to Drive New Zcash Treasury Strategy
I've looked at hundreds of these filings, and this kind of pivot is rarely a sign of strength. Was the pipeline failing? Were clinical trials disappointing? Details on the prior status of Leap Therapeutics' drug development programs remain scarce. The lack of transparency raises questions about whether the Zcash pivot is a genuine strategic vision or a convenient way to salvage a struggling company.
Let's not forget the risks associated with digital asset treasury strategies, as stated in the press release: "the highly volatile nature of the price of cryptocurrencies, including ZEC; the risk that the price of the Company's Common Stock may be highly correlated to the price of ZEC or other digital assets that it holds." In other words, shareholders are now directly exposed to the wild swings of the crypto market.
The article also states that Zcash experienced a strong price rally starting in early September, reaching a multi-year high above $700 last week. Then it corrected. This pattern of pump and dump is not uncommon in crypto. Zcash (ZEC) Price Finally Cools With 30% Drop From All-Time High
So, What's the Real Story?
This isn't about privacy or freedom. It's a high-stakes bet on a volatile asset, disguised as a mission. The pivot from biotech to crypto treasury is a red flag, and the lack of transparency surrounding Leap Therapeutics' prior struggles is deeply concerning. Shareholders should brace themselves for a bumpy ride.
