Cypherpunk Technologies is a holding company operating two distinct businesses: a digital asset treasury focused on Zcash (ZEC), and a clinical-stage biopharmaceutical subsidiary, Leap Therapeutics. The company rebranded from Leap Therapeutics in November 2025 following a $58.88M private placement led by Winklevoss Capital, pivoting to a ZEC accumulation strategy modeled after Strategy's Bitcoin treasury approach. Zcash is a blockchain network that uses zero-knowledge cryptographic proofs to enable private transactions where sender, recipient, and amount are hidden — distinguishing it from Bitcoin and most public blockchains. As of March 2026, Cypherpunk held approximately 294,743 ZEC (~1.76% of circulating supply), with a stated target of accumulating at least 5% over time. The company raises equity capital and deploys it to purchase ZEC; returns depend entirely on ZEC price appreciation relative to an average purchase price of ~$336 per ZEC. Cypherpunk also invested $5M in ZODL, the organization now responsible for Zcash protocol development. Beyond ZEC, management intends to broaden into other privacy-enhancing technologies, though no specific deals have been announced. Leap Therapeutics, a wholly owned subsidiary, is developing sirexatamab, a monoclonal antibody targeting the DKK1 protein primarily for colorectal cancer in biomarker-selected patients. Leap has no approved products or revenue, funds operations through equity issuance, and management is evaluating next steps following completion of a Phase 2 trial.