While the overall crypto market fell nearly 2% over the last day, Zcash, Cypherpunk’s main treasury asset, gained 16%.
Shares of the recently rebranded Cypherpunk (CYPH) rose nearly 100% on Friday after its digital treasury asset, Zcash (ZEC), defied the broader crypto market sell-off.
CYPH’s stock jumped as much as 97% midday trade after touching an intra-day high of $3.55, before paring some of its gains. Shares of the company, which is backed by the Winklewoss twins, were trading at around $3.15 at the time of writing. On Stocktwits, retail sentiment around the ticker trended in ‘extremely bullish’ territory with chatter at ‘extremely high’ levels over the past day.
Why Is CYPH Stock Rising?
Cypherpunk, formerly known as Leap Therapeutics, rebranded itself earlier this week and announced that it would now be pivoting to a digital asset treasury (DAT) with Zcash as its primary token. The company also said it has used $50 million of its previously announced private placement to buy 203,775.27 ZEC at an average price of $245.37 per token – ZEC’s price is currently more than double that value at $573, rising 16% in the last 24 hours.
The privacy token’s gains come as the overall cryptocurrency market has fallen nearly 2% in the last 24 hours, currently at a market capitalization of around $3.37 trillion. Bitcoin (BTC), the cryptocurrency that started the DAT trend, fell more than 3.6%. Bitcoin’s price was trading at around $96,900 at the time of writing, after dipping to an intra-day low of $95,200.
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