On Wednesday morning, Leap Therapeutics (NASDAQ: LPTX) saw its stock price soar over 170% after the company announced a shift to a cryptocurrency treasury strategy.
The company announced its name change to Cypherpunk Technologies (NASDAQ: CYPH) and adopted a digital asset treasury strategy focused on Zcash (ZEC), the native token of the Zcash protocol.
This biotechnology company utilized $50 million from a $58.88 million private placement led by Winklevoss Capital to purchase 203,775 Zcash (ZEC) at an average price of $245.37 per coin, marking a transition from the biotechnology sector to the cryptocurrency industry.
Winklevoss Capital is a venture capital firm founded by Cameron and Tyler Winklevoss, who are also co-founders of the cryptocurrency exchange Gemini.
"As our lives move online, privacy has become a rare and disappearing commodity… This is why we founded Cypherpunk—a company dedicated to privacy and self-sovereignty," wrote Tyler Winklevoss, one of the founders of the cryptocurrency exchange Gemini, on X.
Zcash (ZEC) was launched in 2016 as a fork of Bitcoin and is a privacy-focused blockchain that uses zero-knowledge proofs (zk-SNARKs) to verify transactions without revealing the sender, receiver, or amount.
Cypherpunk's new business strategy comes with two new members on the board. Khing Oei, CEO of a Bitcoin treasury company in Europe, will serve as the board chair. Will McEvoy, head of Winklevoss Capital, will take on the role of Chief Investment Officer at Cypherpunk.
ZEC has experienced a wild ride this year. The token saw a significant rebound, jumping from about $48 in early September to over $640 within weeks, reclaiming its position among the top 20 cryptocurrencies.
Arthur Hayes, co-founder of BitMEX, recently predicted that ZEC's price could reach $1,000 by 2025. However, recent technical indicators suggest a potential price correction.
According to market analysts, the token is currently the most overbought on record, with its relative strength index (RSI) reaching 94.24 this week.
Historically, when ZEC's RSI climbs above 70, the token typically continues to rise for several weeks before experiencing a significant correction ranging from about 45% to over 90%.
On Wednesday, Arthur advised Zcash holders to move their tokens from centralized exchanges to self-custody, telling users on X to "shield" their assets for private transactions.
His comments came as ZEC was experiencing extreme volatility, soaring to $723 over the weekend but dropping 37% to about $450 by Wednesday.
Related: 8 Cryptocurrencies That Will Define the Crypto Industry in 2025
Original article: “Leap Therapeutics Soars 170% After $50 Million Zcash Purchase Backed by Winklevoss”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
