Leap Therapeutics Soars After Shift to Crypto Strategy, Driven by Zcash Investment

Shares of Leap Therapeutics (Nasdaq: LPTX) experienced an explosive surge of over 170% on Wednesday morning after the company announced a strategic pivot towards cryptocurrencies. The biotech firm revealed a rebranding to Cypherpunk Technologies (Nasdaq: CYPH) and adopted a digital asset treasury strategy, focusing heavily on Zcash (ZEC), the native token of the Zcash protocol. This decision involved the $50 million purchase of 203,775 ZEC tokens for an average price of $245.37 through a $58.88 million private placement led by Winklevoss Capital.