Leap Therapeutics Secures $59M Winklevoss-Led Deal to Build Crypto Treasury

Leap Therapeutics Secures $59M Winklevoss-Led Deal to Build Crypto Treasury

Leap Therapeutics has announced a $58.9 million private investment led by Winklevoss Capital, marking a bold move for the biotechnology firm as it begins integrating cryptocurrency into its corporate balance sheet.

The investment, structured as a private placement, includes common shares and warrants priced at $0.61439 per unit. Winklevoss Capital — founded by Cameron and Tyler Winklevoss — will also receive two seats on Leap’s Board of Directors, one of which will serve as the chairperson role.

The company’s shares surged 25% in Monday morning trading following the announcement, signalling investor enthusiasm for the company’s unconventional treasury shift.

“This funding allows Leap to advance its cancer drug pipeline while strategically positioning itself in the digital asset economy,” the company said in a press release.

The closing of the private placement is expected around October 8, 2025, subject to standard closing conditions.

Leap Blends Biotech and Blockchain Ambitions

Leap Therapeutics, known for developing immuno-oncology therapies, is joining a growing list of public companies using crypto as a treasury reserve.

A portion of the $58.9 million will fund the company’s digital asset treasury strategy, including the purchase of cryptocurrency to be held on its balance sheet. The remainder will support clinical research and trials for Leap’s oncology pipeline.

The company did not specify which cryptocurrencies it plans to acquire but said more details will be released soon.

Winklevoss Capital, known for its early bets on crypto through the Gemini exchange, will offer both capital and strategic expertise to help Leap develop a compliant and secure crypto strategy.

“Leap is embracing the future of finance by integrating digital assets into its business model,” said a spokesperson for Winklevoss Capital. “This partnership reflects confidence in both their clinical and strategic vision.”

The investment reflects a rare crossover between biotech innovation and crypto finance, highlighting how digital assets are increasingly viewed as viable corporate treasury tools — even beyond the tech sector.

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Funding to Support Clinical Trials and Growth

While the crypto element drew the headlines, Leap emphasised that the funding will also advance key oncology programs. Particularly its leading candidates FL-501 and sirexatamab.

Sirexatamab, also known as DKN-01, is a monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. It recently completed a Phase 2 trial for colorectal cancer, with results to be presented at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin.

FL-501, targeting the GDF-15 protein, is another key therapy in Leap’s pipeline. It is designed to combat resistance to cancer immunotherapy.

Leap said the investment will strengthen its research and development capacity. “We remain fully committed to developing next-generation cancer treatments while exploring innovative financial models that enhance shareholder value,” the company stated.

Strategic Partnerships and Legal Oversight

As part of the deal, Parcrest Advisors is serving as the placement agent, while Morgan, Lewis & Bockius LLP acts as legal advisor to Leap. Cooley LLP is representing Winklevoss Capital.

The offering was conducted under Regulation D and Section 4(a)(2) of the Securities Act of 1933, exempting it from public registration requirements. A registration rights agreement was also signed, allowing Leap to later register the resale of the purchased shares and warrants with the U.S. Securities and Exchange Commission (SEC).

The investment complies with Nasdaq’s minimum pricing rule, ensuring it meets regulatory requirements for private placements by listed companies.

Winklevoss Capital Strengthens Its Position in Frontier Innovation

Founded in 2012 by Cameron and Tyler Winklevoss, Winklevoss Capital invests in emerging technologies including blockchain, digital assets, and frontier science. The firm’s latest move extends its reach beyond traditional tech and finance into biotechnology — a sign of growing convergence between health innovation and digital finance.

“This deal is as much about financial innovation as it is about science,” said an industry analyst. “It underscores the Winklevoss brothers’ belief that blockchain and biotechnology can both transform the future.”

The decision also adds a notable biotech asset to Winklevoss Capital’s portfolio, historically dominated by crypto startups and digital infrastructure firms.

Leap Therapeutics’ New Financial Vision

Leap’s adoption of a digital asset treasury strategy marks one of the first instances of a biotech firm incorporating crypto into its corporate reserves.

The move follows a broader trend led by companies such as MicroStrategy and Tesla, which have integrated Bitcoin holdings into their balance sheets. However, Leap’s entry into this space brings the trend into life sciences, an industry not typically associated with digital assets.

With fresh funding secured and a strategic backer like Winklevoss Capital, Leap enters a new phase — balancing its pursuit of cutting-edge cancer therapies with a pioneering approach to digital asset management.