Cypherpunk Technologies (formerly Leap Therapeutics)

What Cypherpunk Technologies (formerly Leap Therapeutics) does

Cypherpunk Technologies Inc. (NASDAQ: CYPH, formerly Leap Therapeutics) is a publicly traded Delaware corporation headquartered in Cambridge, Massachusetts, that operates a dual strategy combining a Zcash-anchored digital asset treasury with residual biopharmaceutical development through its wholly owned subsidiary Leap Therapeutics. The company was founded in 2015 as Leap Therapeutics, a clinical-stage oncology company, and was acquired by Flame Biosciences in January 2023 to broaden its antibody pipeline before rebranding as Cypherpunk Technologies in November 2025 following a $58.88 million private placement led by Winklevoss Capital.

The company's core offering is a Zcash (ZEC) treasury accumulation strategy. Cypherpunk acquired approximately 203,775 ZEC (~$50M) at inception in November 2025 and expanded holdings to roughly 314,185 ZEC (~1.82% of the Zcash network) by Q1 2026 at a cumulative average purchase price of $334.41 per ZEC, with a stated objective of accumulating 5% of total network supply. In March 2026, the company extended beyond passive accumulation with a $5 million strategic investment in Zcash Open Development Lab (ZODL), the developer of the Zodl wallet whose shielded-pool infrastructure helped grow Zcash's Orchard pool from approximately 1M to 4M ZEC during 2025.

Revenue mechanics are dominated by mark-to-market movements on ZEC holdings rather than operating income: FY2025 produced $4.8M of net income driven by $50.4M of unrealized ZEC gains, while Q1 2026 swung to a $77.2M net loss driven by $77.6M of unrealized ZEC losses as the ZEC price declined from $508 to $240. R&D spend was reduced to $25.7M in FY2025 from $57.2M the prior year. The legacy oncology subsidiary Leap Therapeutics continues limited development of sirexatamab (a DKN-01-based antibody therapy for DKK1-high metastatic colorectal cancer that received FDA Fast Track designation in 2026), but generates no commercial product revenue. Customer exposure is bifurcated: public-market shareholders on the treasury side and clinical-trial-stage patients via the oncology subsidiary, with strategic advisor relationships anchored by Zcash founder Zooko Wilcox, former ECC CEO Josh Swihart, and ecosystem figure Arjun Khemani.

Name

Cypherpunk Technologies (formerly Leap Therapeutics)

Legal name

Cypherpunk Technologies Inc.

Website

https://www.cypherpunk.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Cypherpunk Technologies (NASDAQ: CYPH) is a publicly traded company operating a Zcash (ZEC)-anchored digital asset treasury strategy that holds approximately 1.82% of the Zcash network, while continuing limited oncology drug development through its wholly owned Leap Therapeutics subsidiary.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Portfolio Management and Investment Advice (523940)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Pharmaceutical Preparations (2834)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

akta.pro secondary industry

Regulatory Strategy & IND/NDA/BLA Submissions Support (HLAIALAH)

Keywords

• Digital asset treasury
• Privacy cryptocurrency
• Zcash holdings
• Oncology therapeutics
• Cancer antibody therapy

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Others

Revenue model

1. Digital Asset Treasury - Zcash Holdings: The company generates returns through appreciation of its Zcash (ZEC) treasury holdings. Cypherpunk accumulates ZEC as a strategic digital asset, with holdings growing from initial purchases in November 2025 through subsequent acquisitions, with the treasury strategy anchored by private placement funding led by Winklevoss Capital. The company also invests in Zcash ecosystem infrastructure (ZODL) for strategic returns.
2. Therapeutic Development (Residual): Cypherpunk continues clinical development of its cancer therapies through subsidiary Leap Therapeutics, including sirexatamab (DKN-01) for colorectal cancer. The subsidiary secured FDA Fast Track designation for sirexatamab and presented Phase 2 clinical data. R&D expenses were reduced to $25.7M in FY2025 from $57.2M the prior year as the company pivoted away from biotech toward digital assets.

Distribution channels1 record

Marketing channels3 records

Core offering

Cypherpunk Technologies operates a Zcash (ZEC)-anchored digital asset treasury strategy, accumulating ZEC as a strategic reserve asset while targeting ownership of up to 5% of the Zcash network. Through its wholly-owned subsidiary Leap Therapeutics, the company also continues residual clinical development of targeted cancer antibody therapies, most notably sirexatamab (DKN-01) for DKK1-high metastatic colorectal cancer.

Product overview

Cypherpunk Technologies Inc. operates as a dual-focus company with a Zcash-anchored digital asset treasury strategy and a pharmaceutical development subsidiary (Leap Therapeutics). The core offering is its ZEC treasury accumulation strategy targeting 5% of the Zcash network, supplemented by a $5 million investment in Zcash Open Development Lab for privacy infrastructure development. The company continues limited therapeutic development through its subsidiary, most notably the sirexatamab cancer therapy candidate which received FDA Fast Track designation.

Differentiator

Problem solved

Functional benefit

Products and services

• Sirexatamab (DKN-01)

Quantifiable outcome

• Zcash treasury grew from 203,775.27 ZEC (~$50M) in Nov 2025 to 314,185.70 ZEC by Q1 2026
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Zcash Open Development Lab (ZODL)coreStrategic or Co-development Partner · 9 March 2026Cypherpunk made a $5 million investment into ZODL, marking its first technology investment outside of ZEC. ZODL was founded by former Electric Coin Company CEO Josh Swihart and houses the Zashi wallet (now Zodl) technology that helped grow Zcash's Orchard shielded pool from approximately 1M to 4M ZEC in 2025. The investment is expected to be synergistic with Cypherpunk's existing ZEC treasury.
• Josh SwihartcoreStrategic or Co-development Partner · 22 January 2026Former CEO of Electric Coin Company (ECC), the organization behind the Zcash protocol, joined Cypherpunk as a Strategic Advisor in December 2025 to provide guidance on Zcash ecosystem dynamics and privacy-enhancing technologies. Founded ZODL after departing ECC.
• Arjun KhemaniminorStrategic or Co-development Partner · 22 January 2026Arjun Khemani, a prominent voice in the Zcash ecosystem and host of the Arjun Khemani Podcast, was appointed as Strategic Advisor to provide guidance on Cypherpunk's privacy technology initiatives.
• Zooko WilcoxcoreStrategic or Co-development Partner · 9 December 2025Zooko Wilcox, co-founder of Zcash and pioneer in cryptography and decentralized systems, joined Cypherpunk as a Strategic Advisor to guide the company's development of privacy-preserving technologies and Zcash treasury strategy. His appointment led to a 40% increase in the company's stock price.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Others

• Block Inc: Block (formerly Square) holds Bitcoin on its balance sheet and integrates crypto into its payments ecosystem. Relevant as a publicly traded company with a strategic (non-operating) crypto treasury allocation, though its core fintech business dominates valuation.

Direct peers

• Riot Platforms: Riot Platforms operates Bitcoin mining plus a large BTC treasury. Comparable to Cypherpunk in that its equity narrative increasingly centers on per-share crypto exposure rather than operating cash flows, and its share price correlates tightly with BTC price action.
• Hut 8: Hut 8 combines Bitcoin mining with a material BTC treasury and digital infrastructure operations. Relevant as a comparable small/mid-cap public company where the treasury crypto position is a primary equity driver and earnings swing with BTC mark-to-market.
• MicroStrategy: MicroStrategy pioneered the publicly traded digital asset treasury model with Bitcoin, holding >200,000 BTC on its balance sheet. Cypherpunk is the closest direct analog for the Zcash segment—same structural thesis (corporate treasury vehicle for a specific crypto asset), same equity volatility profile, and same dependence on capital markets to fund continued accumulation.
• BeiGene: BeiGene is a global oncology-focused biopharmaceutical company that participated as an investor in Leap Therapeutics' 2020 financing. Directly comparable to the residual biotech subsidiary: targeted oncology pipelines with biomarker-defined patient selection, similar therapeutic modalities, and overlapping clinical development scale.
• Mirati Therapeutics: Mirati developed targeted oncology therapeutics including biomarker-stratified programs (KRAS-focused). Comparable to Leap Therapeutics' sirexatamab program in therapeutic area (targeted oncology), stage of development (Phase 2/3), and the precedent of being acquired by a large pharma (Bristol Myers Squibb) as an exit path.
• Marathon Digital Holdings: Marathon is one of the largest publicly traded Bitcoin-focused companies, with a treasury heavily weighted in BTC. While its primary model is mining, the post-halving environment has made treasury accumulation the dominant value driver—paralleling Cypherpunk's thesis.
• Semler Scientific: Semler Scientific is a small-cap publicly traded company that adopted a Bitcoin treasury strategy in 2024, raising capital specifically to accumulate BTC. Comparable to Cypherpunk in scale (sub-$100M), structure (medical device operating business + crypto treasury overlay), and strategic narrative (public vehicle for crypto accumulation).
• Metaplanet: Tokyo-listed Metaplanet has become the leading Asian Bitcoin treasury company, raising multiple rounds to grow its BTC holdings. Closely mirrors Cypherpunk's playbook of repeatedly raising equity capital to accumulate a single crypto asset at scale and using corporate structure to provide public exposure.

Broad incumbents

• Coinbase Global: Coinbase is the largest US-listed crypto exchange and holds material crypto on its balance sheet plus operates the dominant institutional custody franchise. Relevant because Coinbase Ventures co-invested in ZODL alongside Cypherpunk, and Coinbase's listing/delisting decisions on ZEC directly affect Cypherpunk's liquidity and valuation.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks3 records

Key highlights6 records

Customer concentration

• Xx.com/cypherpunktech

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds12 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cypherpunk Technologies (formerly Leap Therapeutics)