Trading of Leap Therapeutics (Nasdaq: LPTX), the biotech firm transforming into a Zcash treasury firm, halted multiple times on Nasdaq after the stock jumped more than 550% to hit the intraday high of $2.48 on Nov. 12.
Leap Therapeutics recently secured $58.88 million in a private placement led by Winklevoss Capital, an investment firm founded in 2012 by the Bitcoin billionaire twins, Cameron and Tyler Winklevoss. The twins, famously involved in a copyright lawsuit with Facebook founder Mark Zuckerberg, founded the Gemini crypto exchange in 2014.
Following the investment, Leap Therapeutics is going to transform into a crypto treasury firm called Cypherpunk Technologies Inc. and focus on accumulating Zcash’s native coin, ZEC.
By now, the company has used $50 million of proceeds from a private placement to purchase 203,775.27 ZEC at an average purchase price of $245.37 per coin.
Cameron Winklevoss said the LPTX stock has been halted due to volatility.
The stock has since resumed trading and was exchanging hands at $1.85 at the time of writing.