[8-K] LEAP THERAPEUTICS, INC. Reports Material Event
Cypherpunk Technologies Inc. reported that it has expanded its cryptocurrency treasury by purchasing an additional $18 million of Zcash (ZEC) on November 18, 2025.
Rhea-AI Filing Summary
Cypherpunk Technologies Inc. reported that it has expanded its cryptocurrency treasury by purchasing an additional $18 million of Zcash (ZEC) on November 18, 2025. This new purchase totals 29,869.29 ZEC at an average price of $602.63 per ZEC. The company previously acquired 203,775.27 ZEC for approximately $50 million at an average price of $245.37 per ZEC. After the latest transaction, Cypherpunk now holds 233,644.56 ZEC at an overall average cost of $291.04 per ZEC, representing 1.43% ownership of the Zcash network.
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Insights
Cypherpunk significantly increases its Zcash exposure, concentrating its crypto treasury in a single asset.
Cypherpunk Technologies has committed substantial capital to Zcash, adding $18,000,000 for 29,869.29 ZEC at an average price of $602.63 per coin. This follows an earlier purchase of 203,775.27 ZEC for about $50,000,000 at $245.37 per ZEC. Together, these transactions bring total holdings to 233,644.56 ZEC at an aggregate average cost of $291.04 per ZEC.
By reaching 1.43% ownership of the Zcash network, the company is taking a concentrated position in a single cryptocurrency rather than a diversified basket of digital assets. This ties part of its financial profile directly to the market value, liquidity, and regulatory environment surrounding Zcash. The higher average price of the latest tranche versus the initial purchase also means subsequent performance will be more sensitive to price moves around and above the $602.63 level.
The announcement frames these actions as completed purchases rather than future plans, so the immediate effect is a shift in the asset mix on the balance sheet toward ZEC. Subsequent company filings that include updated financial statements will clarify how large this Zcash position is relative to total assets and equity and how any market value changes are reflected in reported results.
8-K Event Classification
FAQ
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How much Zcash did Cypherpunk Technologies buy in the latest transaction?
What are Cypherpunk Technologies Inc.'s total Zcash (ZEC) holdings now?
How much has Cypherpunk Technologies spent in total on Zcash so far?
What percentage of the Zcash network does Cypherpunk Technologies own?
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What exhibit accompanies Cypherpunk Technologies Inc.'s 8-K about Zcash?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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| Item 7.01 | Regulation FD Disclosure. |
On November 18, 2025, Cypherpunk Technologies Inc. (f./k/a Leap Therapeutics, Inc.), a Delaware corporation (the “Company”) issued a press release announcing the Company has purchased an additional $18 million of Zcash (“ZEC”). A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 8.01 | Other Information. |
As disclosed above, on November 18, 2025, the Company issued a press release announcing it has purchased an additional 29,869.29 ZEC, for $18 million, at an average purchase price of $602.63 per ZEC. The Company previously disclosed in a Current Report on Form 8-K filed November 12, 2025 its initial acquisition totaling 203,775.27 ZEC, purchased for approximately $50 million, at an average purchase price of $245.37 per ZEC. Now, with the new acquisition, the Company’s total ZEC holdings stand at 233,644.56, at an average price of $291.04, bringing the Company’s total Zcash network ownership to 1.43%.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release of the Company, dated November 18, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CYPHERPUNK TECHNOLOGIES INC. | |
| Date: November 18, 2025 | /s/ Douglas E. Onsi |
| Douglas E. Onsi | |
| President & CEO |