Exploring Leap Therapeutics, Inc. (LPTX) Investor Profile: Who’s Buying and Why?

You're looking at Leap Therapeutics, Inc. (LPTX) and trying to figure out if the investor base is still biotech-focused or if the new strategy has completely changed the game, and honestly, the profile has shifted dramatically in 2025. This isn't your typical clinical-stage company anymore; it's a hybrid play, which means the buyers are a whole new breed. The biggest change is the $58.88 million private placement in October 2025 led by Winklevoss Capital, which immediately deployed $50 million to acquire Zcash (ZEC), fundamentally changing the company's treasury strategy and leading to the rebrand as Cypherpunk Technologies Inc.. So, while institutional owners like Bank of America Corp DE and Citadel Advisors LLC still hold a significant stake-around 30.46% of the stock-the new money is chasing a digital asset thesis, not just the Phase 2 data for sirexatamab (DKN-01) which showed a median Progression-Free Survival (mPFS) of 9.03 months in DKK1-high colorectal cancer patients. The big question is, are the institutional funds staying for the crypto exposure, or are they waiting for an exit while the net loss was -$0.08 per share in Q3 2025?. This is defintely a two-part story now.

Who Invests in Leap Therapeutics, Inc. (LPTX) and Why?

You're looking at Leap Therapeutics, Inc. (LPTX), a company that just executed one of the most dramatic pivots in the biotech sector this year, so the investor profile is now a fascinating, dual-thesis study. The short answer is: a mix of traditional biotech institutional funds and a new, powerful strategic investor focused on digital assets.

The investor base is currently split between legacy holders who bought into the immuno-oncology story and new capital attracted by the massive strategic shift to a digital asset treasury. As of late 2025, institutional ownership sits around 22.06% of the float, while insiders-management and strategic affiliates-hold a significant 16.2%. That's a lot of skin in the game for key players. This is not a typical biotech stock anymore; it's a biotech-plus-crypto treasury play.

Key Investor Types: The Strategic Pivot Attracts New Capital

The composition of Leap Therapeutics, Inc.'s shareholder base changed fundamentally in the fourth quarter of 2025. Before the pivot, the stock was primarily held by specialized healthcare funds and biotech venture capital firms, which is common for a clinical-stage company.

Now, we see three distinct groups:

• Strategic Institutional Investors: This group is now dominated by the lead investor in the October 2025 private placement, Winklevoss Capital. They provided $58,888,888 in cash commitments to anchor the new digital asset strategy. Their participation is deep, securing the right to nominate two board members, including the board chairperson. That's a long-term, controlling-interest-style move.
• Legacy Institutional Funds: Firms like Perceptive Advisors LLC, which was the largest individual shareholder, and others like Gilead Sciences Inc. and Beigene Ltd. still hold shares, betting on the residual value of the biotech pipeline. Perceptive Advisors LLC held approximately 8.48 million shares, representing 20.46% of the company, though the value of these holdings has been volatile following the pivot.
• Retail and Short-Term Traders: The public float, the shares available to everyday investors, has seen huge volatility. These investors are often drawn to the binary risk/reward of a biotech clinical trial, but now they are also chasing the high-risk, high-reward nature of a corporate treasury holding a volatile asset like Zcash (ZEC).

The new strategic investor is now the most important player to watch.

Investment Motivations: Two Different Bets

What's attracting money to LPTX is now a tale of two companies, and you have to be clear on which one you're investing in. The motivations are split between a traditional growth prospect and a highly unconventional market position.

The Biotech Growth Prospect:

The original thesis centered on the company's lead candidate, sirexatamab (DKN-01), an antibody targeting the DKK1 protein for various cancers. Positive data from the Phase 2 DeFianCe study in second-line colorectal cancer, showing statistically significant benefits in specific patient populations, was a key driver. A portion of the new capital will continue to fund the development of sirexatamab and FL-501, which is a critical caveat. The company's Q2 2025 net loss was $16.6 million, with R&D expenses at $10.5 million, so the biotech programs still require significant cash burn, but the new funding helps secure that runway. Breaking Down Leap Therapeutics, Inc. (LPTX) Financial Health: Key Insights for Investors

The Digital Asset Treasury Position:

The dominant motivation now is the new digital asset treasury strategy. The company is rebranding as Cypherpunk Technologies Inc. and has deployed $50 million of the raised capital to acquire over 203,000 ZEC, at an average price of $245 each, with an additional $18 million purchase in November 2025. This is a massive, concentrated bet on the long-term value of a privacy-focused digital asset. Investors buying now are essentially buying a proxy for a large holding in Zcash, plus the remaining biotech pipeline. It's a completely different risk profile.

Investment Strategies: Long-Term Control vs. Speculative Trading

The shift means the typical investment strategies have been warped. You're not seeing a lot of traditional value investing here; it's all about growth and speculation.

The key risk is that the stock's value is now heavily correlated to the price of Zcash, turning a biotech investment into a crypto-treasury investment. What this estimate hides is the potential for massive dilution from the warrants issued in the private placement-up to 71,985,605 shares at an exercise price of $0.5335 per share. That's a huge overhang. Your action needs to be clear: decide if you are a biotech investor or a digital asset investor, because you can't be both here without accepting the other's risks.

Institutional Ownership and Major Shareholders of Leap Therapeutics, Inc. (LPTX)

The investor profile for Leap Therapeutics, Inc. (LPTX) has undergone a dramatic, near-term transformation, moving from a typical clinical-stage biotech ownership structure to one dominated by a single, strategic digital asset investor. The direct takeaway is this: traditional institutional players were pulling back, but a massive capital injection from Winklevoss Capital has completely redefined the company's focus and shareholder base as of late 2025.

Before the recent pivot, institutional ownership stood at approximately 22.06% of the float, a moderate level for a high-risk, high-reward biopharma stock. This group consisted of around 50 institutional owners holding a collective total of approximately 13,949,585 shares. This is a classic biotech profile-funds buying in for the potential upside of the drug pipeline like sirexatamab (DKN-01).

Top Traditional Institutional Investors (Pre-Pivot)

While the full impact of the recent strategic shift is still settling in institutional filings, the core group of traditional holders as of the last major filings included large, diversified funds and sector specialists. These investors were generally banking on the success of the company's oncology pipeline, particularly the Phase 2 data for sirexatamab. Honestly, their investment thesis is now being stress-tested by the corporate rebranding.

Changes in Ownership: The Winklevoss Capital Catalyst

The biggest change in Leap Therapeutics, Inc.'s ownership happened in October 2025, and it wasn't a slow accumulation. It was a single, massive Private Investment in Public Equity (PIPE) led by Winklevoss Capital, which fundamentally changed the company's trajectory. This deal raised approximately $58.88 million in cash commitments for a new digital asset treasury strategy. That's a huge lifeline for a company that reported a net loss of $16.6 million in the second quarter of 2025 alone.

Here's the quick math on the dilution: Winklevoss Capital's investment included the purchase of 95,849,353 shares (including pre-funded warrants) and warrants to purchase an additional 71,985,605 shares at an exercise price of $0.5335 per share. This single transaction dwarfs the existing institutional float and represents a significant ownership stake in the newly rebranded entity, Cypherpunk Technologies. This is a massive, defintely non-traditional injection of capital.

• Winklevoss Capital's investment shifts the primary focus from pure biotech to a dual strategy.
• Institutional ownership saw a decrease of -7.79% in the period leading up to the PIPE, signaling some traditional funds were exiting a struggling biotech before the strategic pivot.
• The new capital is earmarked for a digital asset treasury strategy, though a portion will continue to fund therapeutic programs like FL-501 and sirexatamab.

Impact of Institutional Investors on Strategy

Institutional investors, especially a lead investor like Winklevoss Capital, play a critical and direct role in the company's stock price and strategy. In the case of Leap Therapeutics, Inc., the impact is not subtle-it's a complete corporate overhaul. The new lead investor has the right to nominate two directors to the Board of Directors, one of whom will serve as the chairperson. This level of governance influence means the strategic direction is effectively controlled by the new capital partner.

This is a clear-cut example of a strategic investment (a Schedule 13D-style move) driving a massive corporate pivot. Traditional institutional investors like Vanguard, whose holdings are largely passive, will now own a piece of a company with a high-volatility digital asset strategy, a significant departure from their original investment thesis in a pure-play oncology developer. The stock's price volatility, which saw a sharp decline of over 20% in October 2025 before the full impact of the news was realized, is now tied to two completely different sectors: biotechnology and digital assets. This dual identity makes the stock a unique, and potentially confusing, proposition for the market. You need to understand the Mission Statement, Vision, & Core Values of Leap Therapeutics, Inc. (LPTX) to grasp the new direction.

Key Investors and Their Impact on Leap Therapeutics, Inc. (LPTX)

You're looking at Leap Therapeutics, Inc. (LPTX) and seeing a biotech company, but the real story in the 2025 fiscal year is an unprecedented strategic pivot driven by a new, powerful investor. The short answer is that the investor profile has shifted dramatically from traditional biotech venture capital to a focus on digital assets, fundamentally changing the company's risk and opportunity profile.

The most important recent move is the $58.88 million Private Investment in Public Equity (PIPE) that closed in October 2025, led by Winklevoss Capital. This wasn't just a cash injection; it was a mandate for change. The company, now operating as Cypherpunk Technologies Inc. with Leap Therapeutics, Inc. as a subsidiary, is using a significant portion of this capital-specifically $50 million-to build a digital asset treasury focused on Zcash (ZEC). That's a massive shift from a pure-play immuno-oncology story.

The New Power Broker: Winklevoss Capital

The influence of Winklevoss Capital is immediate and structural. In exchange for their investment, they secured the right to nominate two individuals to the expanded 12-member Board of Directors, with one of those nominees becoming the chairperson of the Board. This isn't passive investing; this is a clear exercise of control over corporate strategy and governance. They are not just buying shares; they are buying the right to steer the ship.

This move is a direct response to the company's prior financial position. Earlier in 2025, Leap Therapeutics, Inc. had to execute a strategic restructuring, including a 75% workforce reduction, after reporting a Q2 2025 net loss of $16.6 million and holding only $18.1 million in cash as of June 30, 2025. The PIPE funding was a lifeline, but it came with a radical new direction: a dual strategy of continued drug development for candidates like sirexatamab (DKN-01) and an aggressive push into digital assets.

• Winklevoss Capital: Lead investor in the $58.88 million PIPE.
• Influence: Nominate two directors, including the Board chairperson.
• Action: Driven the name change and the $50 million digital asset treasury strategy.

The Institutional Biotech Core

Before the Winklevoss Capital deal, the investor base was more typical for a clinical-stage biotech, comprised of institutional funds and strategic corporate partners. These are the investors who were buying based on the potential of the drug pipeline, not the crypto treasury. Their holdings remain substantial, and their presence keeps a foot in the original biotech camp. Here's the quick math on the largest holders:

These institutional players, like Perceptive Advisors LLC, are seasoned biotech investors who bought in for the promise of assets like sirexatamab (DKN-01). Their continued presence means the stock is still sensitive to clinical trial data, such as the final data from the Phase 2 DeFianCe study presented at the ESMO Congress 2025 in October. To be fair, a portion of the PIPE proceeds will still fund the development of their therapeutic programs, like FL-501 and sirexatamab, which is a key reason these original investors haven't completely bailed.

The market is now pricing in two wildly different businesses: a high-risk, high-reward biotech and a new, crypto-exposed entity. This dual-identity creates volatility. The traditional biotech investors are now holding a company where the stock movement is defintely influenced by Zcash price fluctuations, which is a new layer of risk they didn't sign up for. For a deeper dive into the company's financial stability before this pivot, you should check out Breaking Down Leap Therapeutics, Inc. (LPTX) Financial Health: Key Insights for Investors.

Market Impact and Investor Sentiment

The investor profile for Leap Therapeutics, Inc. (LPTX) has undergone a radical transformation in late 2025, shifting sentiment from a high-risk biotech play to a high-volatility digital asset treasury strategy. The direct takeaway is that the company's major shareholders are now overwhelmingly crypto-centric, driven by the strategic pivot and the substantial investment from Winklevoss Capital. This move has fundamentally changed the risk/reward calculus for the stock, which is now trading under the new name, Cypherpunk Technologies Inc., and the ticker CYPH.

Before the pivot, sentiment was cautious, reflecting the typical cash-burn concerns of a clinical-stage oncology firm. For instance, in Q2 2025, the company reported a net loss of $16.6 million and only $18.1 million in cash as of June 30, 2025, a clear sign of financial pressure that led to a 75% workforce reduction. Now, the sentiment is one of aggressive, high-growth optimism, but with extreme volatility, as the company has essentially become a proxy for a digital asset investment strategy.

• Old Risk: Clinical trial failure and cash runway.
• New Risk: Digital asset price volatility and regulatory uncertainty.

The Winklevoss Capital Effect: A New Investor Base

The most significant change to the shareholder base came in October 2025 with a private placement of approximately $58.88 million led by Winklevoss Capital. This capital injection was explicitly earmarked to initiate a digital asset treasury strategy, not solely to fund the original oncology pipeline. This single transaction immediately shifted the company's primary investor profile from life sciences specialists-like former major holders Perceptive Advisors LLC (20.46% ownership) and Beigene Ltd-to prominent figures in the crypto space.

The new strategy saw the company deploy $50 million of the proceeds to acquire 203,775 Zcash (ZEC) tokens at an average cost of $245.37 per token. This is a concrete example of the new investor mandate: maximize returns through a privacy-focused digital asset, not through drug development. The appointment of new board leadership, including a Chief Investment Officer from Winklevoss Capital, further solidifies this change.

Here's the quick math on the capital shift: The $58.88 million private placement is nearly 3.3 times the company's cash position of $18.1 million reported just a few months earlier at the end of Q2 2025. This deal is the new core of the company's financing.

Recent Market Reactions to Ownership Changes

The stock market's response to this pivot has been nothing short of explosive, showing that the new investor base is highly reactive to the digital asset strategy. The announcement of the private placement led to an immediate pre-market surge of over 76% on October 6, 2025, with the stock closing up an impressive 29%. This is a powerful signal of positive sentiment from the new crypto-focused investors.

The volatility continued through November 2025. The stock surged over 170% (some reports even cite a 441.49% jump to $2.36) on November 12, 2025, as the rebrand to Cypherpunk Technologies Inc. and the ZEC purchase details were finalized. But, to be fair, what goes up can come down just as fast: the stock slid 23.9% to $1.55 premarket the very next day, a classic profit-taking move that highlights the extreme risk tolerance of this new investor cohort.

Analyst Perspectives on the New Direction

Analyst commentary is now grappling with the fact that Leap Therapeutics, Inc. is no longer a pure-play biotech. The impact of the key investors-primarily Winklevoss Capital-is seen as the single most important factor for the company's future valuation. While one analyst maintained a 'Strong Buy' consensus with a price target of $5.50 as of November 2025, this valuation is defintely tied to the high-growth, high-risk potential of the digital asset strategy, not the slow-burn of clinical trials.

What this estimate hides is the inherent difficulty in valuing a company that has tied its treasury to a volatile asset like Zcash, which itself has seen massive price swings in 2025, jumping from about $48 to over $640 within weeks. The analyst perspective has shifted from evaluating the efficacy of sirexatamab (DKN-01) in colorectal cancer to assessing the competence of the new Chief Investment Officer in managing a multi-million-dollar crypto treasury. The new investors are the story. To understand the full context of this shift, you can review the company's background and previous focus on oncology at Leap Therapeutics, Inc. (LPTX): History, Ownership, Mission, How It Works & Makes Money.

The opportunity for the company now lies in successfully executing its digital asset strategy, which is directly backed and guided by its new major shareholder. The risk, however, is that the price of Zcash is the new clinical trial data-a single, volatile factor that determines the company's perceived value and the future of its remaining biotech pipeline, which is now a secondary focus. The new analyst consensus is a high-risk, high-reward bet on the crypto market.