Leap Therapeutics Stock More Than Doubles On Zcash Treasury Pivot – Former POTUS Advisor Calls It ‘Gangster’ Move

• Leap Therapeutics’ stock rose more than 158% on Wednesday after rebranding and adopting Zcash treasury strategy.
• $50 million of the company’s private placement has been used to acquire 203,775 ZEC at $245.37 each.
• The company emphasizes privacy as a strategic mission and views Zcash as a digital hedge against financial transparency.

Leap Therapeutics (LPTX) shares more than doubled on Wednesday after the company announced that it is changing its name to ‘Cypherpunk Technologies’ and pivoting to keeping Zcash (ZEC) in its treasury. 

LPTX’s stock price gained more than 158% in morning trade as retail sentiment around the company on Stocktwits flipped to ‘extremely bullish’ from ‘bearish’ territory and chatter jumped to ‘extremely high’ from ‘low’ levels over the past day.

Zcash advisory panel member and former advisor to POTUS Thor Torrens said it was the most “gangster” move he’s seen since the token hit an all-time high of $3,191 in October.

More Than 200,000 ZEC Bought

Leap Therapeutics stated that it has thus far utilized $50 million from its previously announced private placement to acquire 203,775.27 ZEC at an average price of $245.37 per token. The private placement, totaling $58.88 million, was led by Winklevoss Capital.

Leap Therapeutics' new name will take effect on November 13, and its ticker symbol will change to CYPH as part of the rebranding. The company also announced that Khing Oei and Will McEvoy will be joining its board of directors. McEvoy has also been appointed the company’s chief investment officer.

"The recent weak performance of digital asset treasury companies stems from PIPEs dominated by short-term, mercenary capital,” McEvoy said. “We've taken 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." 

Why ZEC For Digital Asset Treasury?

Leap Therapeutics stated that its new avatar, as Cypherpunk, is dedicated to self-sovereignty, and Zcash aligns with this narrative as one of the oldest and most respected privacy-preserving blockchains. 

The company stated that it sees Zcash as “digital privacy in asset form,” similar to how Bitcoin is viewed as digital gold. It added that Zcash is an essential hedge against the transparency of Bitcoin and how AI may shape the future of financial infrastructure.

This is similar to what American investor and entrepreneur Naval Ravikant said about ZEC’s recent rally, stating that “Zcash is insurance against Bitcoin,” if Bitcoin is insurance against fiat. 

Leap Therapeutics, with a market capitalization of $24.79 million, has seen its shares fall more than 60% this year. It saw a massive dip in January after the company announced it would be discontinuing the trials of its gastric cancer treatment.

Read also: OpenAI Accuses Times Of Overreach In Demand For 20 Million Private ChatGPT Conversations

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