Leap Therapeutics (LPTX) shares surge 43.15% on $58.9M Winklevoss-led PIPE deal

Leap Therapeutics, Inc. (NASDAQ: LPTX) shares surged to their highest level since October 2025, rallying 43.15% intraday with a peak gain of 84.91% on October 6, 2025. This dramatic price movement followed the announcement of a $58.9 million private investment in public equity (PIPE) offering led by Winklevoss Capital, a major player in digital assets. The transaction includes the purchase of 95.8 million shares or pre-funded warrants, along with warrants to acquire an additional 71.9 million shares at $0.5335 per share, marking a strategic shift in the company’s financial approach.

The investment is structured to provide immediate liquidity and long-term strategic guidance, aligning Leap’s biotechnology initiatives with a digital asset treasury strategy. Winklevoss Capital’s involvement extends beyond capital infusion, as it will nominate two directors to Leap’s expanded 12-member board, including a chairperson. This governance change underscores the depth of the partnership, which aims to balance biotech development with blockchain-based financial strategies. The move could enhance Leap’s credibility in the digital asset space and open collaboration opportunities with blockchain-focused entities.

A portion of the proceeds will advance Leap’s clinical pipeline, particularly its colorectal cancer therapy sirexatamab, which recently completed a Phase 2 trial. Results are set for presentation at the ESMO Congress 2025 on October 19, a critical milestone for validating the drug’s potential. The remaining funds will support the implementation of a digital asset strategy, reflecting Leap’s dual-track approach to diversify financial risk and capitalize on institutional interest in cryptocurrencies. This strategy aligns with broader trends in corporate treasury management, where blockchain-based assets are increasingly viewed as a hedge against traditional market volatility.

The PIPE offering, governed under Regulation D and Section 4(a)(2) exemptions, is expected to close by October 8, 2025. Legal advisors for both parties have emphasized regulatory compliance, reinforcing the transaction’s legitimacy. By integrating digital assets into its financial operations, Leap aims to generate returns through mechanisms like staking or yield farming, independent of its core biotech efforts. This dual focus positions the company to navigate clinical uncertainties while leveraging blockchain’s growth potential, potentially attracting a broader investor base seeking exposure to both healthcare innovation and digital finance.