Zcash (ZEC) Surges, Leap Therapeutics (LPTX) Jumps in Winklevoss-backed Digital Asset Treasury
Former Oncology Biotech firm Leap Therapeutics (LPTX), which earlier this month raised $58.9 million in funding led by Winklevoss Capital to pivot into a digital Treasury firm, announced the purchase of $50 million of Zcash .
In addition, the company is rebranding as Cypherpunk Technologies and will begin trading on Thursday with the new ticker cyph, Read a Wednesday press release.
As for the only crypto that has increased in value in recent weeks, ZEC has more than doubled since buying the jump, up another 12.2% in the past 24 hours to $523.
LPTX shares surged 369% on Wednesday after news of the profitable investment.
Digital Asset Treasuries pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor’s Strategy (MSTR) with Bitcoin. They have become ubiquitous this year with dozens of public companies announcing a pivot, but the frenzy has cooled significantly in recent months as their share prices have fallen in many cases below the net asset value of their digital asset holdings.
“The recent underperformance of Digital Asset Treasury companies stems from profits being driven by short-term, mercenary capital,” Will McEvoy, Cypherpunk’s chief investment officer, said in a statement. “We took a different path by building a syndicate of value-aligned investors who believe in the long-term importance of Zcash and privacy for the United States and the world.”
Zcash is designed to offer users more privacy than mainstream cryptocurrencies like Bitcoin . Cypherpunk executives viewed ZEC as a hedge against surveillance-driven financial systems.
