Leap Therapeutics (LPTX) stock rose 25% after the microcap cancer drug developer announced a $58.9 million private investment led by Winklevoss Capital to launch a crypto asset strategy.
The investment is structured as a private placement and includes common stock and warrants priced at $0.61439 per unit. Winklevoss Capital, founded by Cameron and Tyler Winklevoss, will also gain two seats on Leap's board of directors.
Exactly which virtual currency will be purchased is not disclosed.
Leap, known for its tumor immunotherapy, said it would use some of its capital to buy cryptocurrencies as part of its long-term plan to have cryptocurrencies on its balance sheet. The remainder will support clinical development of drug candidates.
With this deal, Leap joins a growing list of publicly traded companies that use cryptocurrencies for financial reserves. Leap said details of its digital asset strategy will be announced in the near future, but did not provide details on which assets it plans to acquire.
Shares rose 25% in Monday morning trading.
