Cypherpunk Stock Jumps After ZCash Defies Crypto Market Sell-Off That Pushed Bitcoin To $95,000

• Cypherpunk has acquired 203,775 ZEC at an average $245.37 per token, now worth over $573 each.
• The company is backed by the Winklevoss twins' family office, Winklevoss Capital.
• It announced its rebranding from Leap Therapeutics and pivot to a Zcash-based treasury earlier this week.

Shares of the recently rebranded Cypherpunk (CYPH) rose nearly 100% on Friday after its digital treasury asset, Zcash (ZEC), defied the broader crypto market sell-off.

CYPH’s stock jumped as much as 97% midday trade after touching an intra-day high of $3.55, before paring some of its gains. Shares of the company, which is backed by the Winklewoss twins, were trading at around $3.15 at the time of writing. On Stocktwits, retail sentiment around the ticker trended in ‘extremely bullish’ territory with chatter at ‘extremely high’ levels over the past day.

Former POTUS adviser and Zcash advisory panel member Thor Torrens said, in a post on X, the stock’s rise reinforces his long-standing view that “privacy is not a trend.”

Why Is CYPH Stock Rising?

Cypherpunk, formerly known as Leap Therapeutics, rebranded itself earlier this week and announced that it would now be pivoting to a digital asset treasury (DAT) with Zcash as its primary token. The company also said it has used $50 million of its previously announced private placement to buy 203,775.27 ZEC at an average price of $245.37 per token – ZEC’s price is currently more than double that value at $573, rising 16% in the last 24 hours. 

The privacy token’s gains come as the overall cryptocurrency market has fallen nearly 2% in the last 24 hours, currently at a market capitalization of around $3.37 trillion. Bitcoin (BTC), the cryptocurrency that started the DAT trend, fell more than 3.6%. Bitcoin’s price was trading at around $96,900 at the time of writing, after dipping to an intra-day low of $95,200.  On Stocktwits, retail sentiment around the apex cryptocurrency trended in ‘neutral’ territory, and chatter rose to ‘high’ from ‘normal’ levels over the past day.

Cypherpunk Eyes 5% Zcash Supply

The company’s recent $58.9 million private placement was led by Winklevoss Capital – the family office of Gemini (GEMI) co-founders Tyler and Cameron Winklevoss. Cypherpunk said it aims to lift its holdings to at least 5% of Zcash’s total supply.

With roughly 16.3 million ZEC in circulation, the company’s initial purchase already accounts for roughly one-fifth of that target. Zcash, like Bitcoin, has a fixed maximum supply of 21 million coins.

ZEC’s price has gained more than 1,400% over the last 12 months as privacy coins have captured investors’ attention amid rising regulatory scrutiny of the cryptocurrency markets.

Read also: Bitcoin Dips To $95,000 – Michael Saylor Reportedly Says MSTR Is ‘Buying A Lot’

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