Key Takeaways
- Cypherpunk Technologies raised around $58.9 million, led by Winklevoss Capital, to initiate a digital asset treasury focused on Zcash.
- The company acquired over 203,775 ZEC and transitioned its main business strategy from therapeutics to building a Zcash-focused asset treasury.
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Cypherpunk Technologies, formerly known as Leap Therapeutics, a cancer research company expanding into digital assets, announced Wednesday that it had closed around $58.9 million private placement led by Winklevoss Capital to initiate a digital asset treasury strategy focused on Zcash (ZEC).
Winklevoss Capital is a family office founded by Tyler and Cameron Winklevoss. Managing wealth from the Facebook settlement and early Bitcoin investments, the firm focuses on early-stage technology, fintech, consumer, gaming, and education ventures.
Cypherpunk stated it acquired 203,775 ZEC for around $50 million. The purchase was made at an average price of around $245 per ZEC.
Zcash functions much like Bitcoin and was created from the original Bitcoin code base. Zcash uses a protocol called “zero-knowledge proofs” that allows users to engage in blockchain transactions while maintaining greater privacy.
The coin has become the second-largest asset in Arthur Hayes’ Maelstrom portfolio, following Bitcoin, driven by a 700% price increase since early October.
Alongside the private placement, Cypherpunk also reported its third-quarter 2025 financial results today. The company’s Q3 net loss fell to $3.3 million on lower expenses, and cash was $9.7 million before a $58.9 million private placement.
