The company stated that it has utilized $50 million from its previously announced private placement to acquire 203,775.27 ZEC.
Leap Therapeutics (LPTX) shares more than doubled on Wednesday after the company announced that it is changing its name to ‘Cypherpunk Technologies’ and pivoting to keeping Zcash (ZEC) in its treasury.
Leap Therapeutics stated that it has thus far utilized $50 million from its previously announced private placement to acquire 203,775.27 ZEC at an average price of $245.37 per token. LPTX’s stock price gained more than 158% in morning trade as retail sentiment around the company on Stocktwits flipped to ‘extremely bullish’ from ‘bearish’ territory and chatter jumped to ‘extremely high’ from ‘low’ levels over the past day.
Zcash advisory panel member and former advisor to POTUS Thor Torrens said it was the most “gangster” move he’s seen since the token hit an all-time high of $3,191 in October.
Even as ZEC’s price fell 8.7% in the last 24 hours, retail sentiment on Stocktwits trended in ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter over the past day.
Leap Therapeutics’ new name will take effect on November 13, and its ticker symbol will change to CYPH as part of the rebranding. The company also announced that Khing Oei and Will McEvoy will be joining its board of directors.
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