Leap Therapeutics (Nasdaq: LPTX) saw its shares soar over 170% in early trading on Wednesday after announcing a new crypto treasury strategy. The company rebranded as Cypherpunk Technologies (Nasdaq: CYPH) and is now focusing on a digital asset treasury centered around Zcash (ZEC), the native token of the Zcash protocol. They utilized $50 million from a $58.88 million private placement led by Winklevoss Capital to acquire 203,775 Zcash at an average price of $245.37 per token, marking a significant pivot from biotechnology to the crypto sector. Tyler Winklevoss, co-founder of the Gemini exchange, emphasized the importance of privacy in the digital age. Zcash, launched in 2016 as a Bitcoin fork, employs zero-knowledge proofs for transaction verification while maintaining user anonymity. Cypherpunk's strategy includes new board members, with Khing Oei as chairman and Will McEvoy as chief investment officer. ZEC has experienced significant price fluctuations, recently reaching a peak of $723 before a notable drop. Read more AI-generated news on: https://app.chaingpt.org/news

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