Key Notes
- Nasdaq-listed Leap Therapeutics has rebranded to Cypherpunk Technologies Inc.
- The new firm intends to deploy cash towards a digital asset strategy focused on ZEC, the native token of Zcash.
- More companies are adopting the concept of crypto treasury.
On Nov. 12, Nasdaq-listed Leap Therapeutics rebranded to Cypherpunk Technologies Inc. This comes as the company focuses on pursuing a digital asset strategy by accumulating ZEC ZEC $455.7 24h volatility: 9.2% Market cap: $7.46 B Vol. 24h: $1.82 B , a privacy coin tied to the Zcash network. It is working on deploying capital towards this project.
Cypherpunk Technologies Boasts of 203,775.27 ZEC
Cypherpunk Technologies Inc is now a crypto-first entity. The capital for this project will come from the $58.88 million private placement led by Winklevoss Capital.
At this point, Cypherpunk Technologies already has 203,775.27 ZEC, which was acquired at an average price of $245 per token. This came from $50 million of the proceeds.
Notably, the firm plans to kick off trading under the new ticker symbol CYPH by Nov. 13. It is worth noting that Cypherpunk’s focus is on Zcash, a privacy-focused crypto.
Zcash is known for using zero-knowledge (ZK) proofs to verify transactions without revealing wallet addresses or amounts. This is nothing like Bitcoin’s fully transparent ledger, which can be traced.
Hence, many entities that are keen on hiding their transaction footprint tend to utilize Zcash and related assets like Monero.
More Firms Adopt a Crypto Treasury
Beyond Cypherpunk Technologies Inc, this latest development is a further reflection of the growing number of firms adding crypto to their balance sheet. Michael Saylor’s Strategy started this move with Bitcoin BTC $101 712 24h volatility: 1.7% Market cap: $2.03 T Vol. 24h: $59.42 B and has now amassed a total of 641,692 BTC so far.
There is also BitMine Immersion Technologies, which is consistently acquiring Ethereum ETH $3 411 24h volatility: 2.3% Market cap: $411.83 B Vol. 24h: $30.95 B . It currently boasts more than 3.5 million ETH after purchasing 110,288 ETH recently. This company is now the world’s largest corporate holder of Ethereum by market cap, with 2.9% of total circulation.
Last month, crypto treasury firm CEA Industries (BNC) confirmed total digital asset and cash holdings valued at $663 million. This is part of the company’s ongoing strategy to add Binance’s native coin BNB BNB $945.2 24h volatility: 3.1% Market cap: $130.22 B Vol. 24h: $1.70 B as its corporate treasury.
