Cypherpunk Technologies: Pioneering Zcash Treasury Strategy with Winklevoss Backing

Cypherpunk Technologies, formerly Leap Therapeutics, has unveiled a transformative digital asset treasury strategy centered on Zcash (ZEC), the leading privacy-focused cryptocurrency.

The pivot includes a $58.88 million private placement led by Winklevoss Capital, enabling the acquisition of over 203,775 ZEC tokens—valued at approximately $50 million at an average price of $245 per coin. The company, now trading under the Nasdaq ticker CYPH, aims to accumulate at least 5% of Zcash’s total supply, positioning itself as an active participant in the privacy coin’s ecosystem. As of November 14, 2025, this rebranding and investment underscore Cypherpunk’s commitment to privacy-preserving technologies, blending biotech roots with blockchain innovation for long-term shareholder value.

What Is Cypherpunk Technologies?

Cypherpunk Technologies is a publicly traded company (Nasdaq: CYPH) that has shifted from biotechnology to a hybrid model emphasizing digital asset treasuries, with a primary focus on Zcash. Zcash, a Bitcoin fork utilizing zk-SNARK zero-knowledge proofs, enables selective disclosure—allowing users to verify transactions without revealing sensitive details like addresses or amounts. Cypherpunk views ZEC as “encrypted Bitcoin,” serving as a privacy hedge in an increasingly transparent financial landscape. The firm’s strategy involves not just holding ZEC but actively contributing to its development, fostering ecosystem growth while maintaining its existing cancer research programs like sirexatamab and FL-501.

• Core Focus: Accumulate and participate in Zcash governance and upgrades.
• Token Holdings: 203,775 ZEC (1.25% of supply); target 5% (~1.05 million ZEC).
• Custody Partner: Gemini for institutional-grade security.
• Biotech Continuity: Ongoing R&D in oncology alongside crypto treasury.
• Leadership: CEO Douglas Onsi; Chairman Khing Oei; CIO Will McEvoy (Winklevoss Capital).

Why Cypherpunk’s Zcash Strategy Matters in 2025 Privacy Trends

Cypherpunk’s launch arrives amid a privacy coin resurgence in 2025, driven by regulatory clarity under frameworks like the Digital Asset Market Clarity Act and rising demand for shielded transactions in DeFi and remittances. With Bitcoin’s transparency exposing user patterns, Zcash’s optional privacy appeals to institutions seeking compliance without full opacity. The $58.88 million raise—entirely from value-aligned investors—contrasts with past crypto treasuries plagued by short-term capital, emphasizing long-term utility. Winklevoss Capital’s backing, including Tyler Winklevoss’s endorsement of ZEC as a “meaningful percentage of Bitcoin’s market cap,” validates privacy as essential for digital freedom. This positions Cypherpunk to influence Zcash’s roadmap, potentially integrating it with tokenized assets and cross-border payments.

• Privacy Demand: zk-SNARKs enable audits while protecting data; aligns with EU MiCA.
• Investment Thesis: ZEC as hedge to BTC; targets $1M BTC by 2035.
• Market Impact: ZEC surged 7% post-announcement; privacy coins up 450% YTD.
• Institutional Appeal: Complements biotech for diversified revenue.
• Ecosystem Role: Active participation in Zcash development and governance.

How Cypherpunk’s Zcash Treasury Operates

Cypherpunk deploys capital from its private placement to acquire ZEC via compliant channels, holding assets in Gemini custody for security and auditability. The strategy mirrors MicroStrategy’s Bitcoin model but emphasizes active involvement: voting on Zcash upgrades, funding privacy research, and exploring integrations like selective disclosure for enterprise wallets. Proceeds from biotech operations will further bolster holdings, aiming for 5% supply ownership without dilutive raises. Governance occurs through shareholder votes, with a special meeting scheduled for December 15, 2025, to approve the strategic shift.

• Acquisition Process: OTC and market buys; average $245/ZEC.
• Custody Standards: Segregated, insured holdings.
• Active Role: Protocol contributions; potential Zcash-backed products.
• Funding Allocation: Majority to ZEC treasury; remainder for biotech.
• Transparency: Quarterly reports; on-chain verifiable holdings.

Real-World Applications and Future of Cypherpunk

Cypherpunk enables applications like corporate treasuries using ZEC for private remittances or DeFi positions with view-key audits, blending privacy with compliance. For instance, a global firm could hold ZEC as a BTC hedge, verifying transactions for regulators without full exposure. Looking to 2026, the firm plans Zcash ETF explorations and biotech-crypto synergies, potentially launching privacy-enhanced tokenized assets. Success could inspire similar treasuries, but risks include ZEC volatility and regulatory scrutiny.

• Treasury Example: Privacy hedge for $100M corporate reserves.
• DeFi Use: Shielded lending with selective proofs.
• Roadmap: ETF filings Q2 2026; cross-protocol integrations.
• Growth Target: 5% ZEC supply by mid-2026.
• Risk Note: Market fluctuations; biotech integration challenges.

In summary, Cypherpunk Technologies’ November 12, 2025, rebrand and $50 million ZEC purchase, backed by $58.88 million from Winklevoss Capital, herald a new era for privacy-focused treasuries. This strategy champions Zcash’s zk-SNARK utility amid 2025’s adoption surge. For insights, review Nasdaq filings, track ZEC governance, or explore privacy protocol resources to engage with this blockchain evolution.