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6h ago

Leap Therapeutics Rebrands as Cypherpunk Technologies, Bets $50 Million on Zcash After Winklevoss-Led Raise

The Winklevoss-led financing funds a pivot to a Zcash treasury intended to create long-term shareholder value.

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Winklevoss twins' family office leads $58.9 million funding for Zcash treasury Cypherpunk Technologies

Overview

  • Cypherpunk Technologies closed a $58.88 million private placement led by Winklevoss Capital to launch a digital-asset treasury focused on Zcash.
  • Using $50 million of the proceeds, the company bought 203,775.27 ZEC at an average price of about $245 per token.
  • The stock surged 369% on Wednesday following the disclosure, while ZEC has rallied roughly tenfold in recent months, with recent quotes around the mid-$400s.
  • Khing Oei was appointed Chairman and Will McEvoy of Winklevoss Capital joined the leadership team, with reports differing on whether his title is CEO or Chief Investment Officer.
  • The company will begin trading under the new ticker CYPH on Thursday, and it reported Q3 net loss narrowed to $3.3 million with $9.7 million in cash before the raise.