# EDGAR Filing Document

**Accession Number:** 0001509745
**File Stem:** 0001104659-25-124191
**Filing Date:** 2025-12
**Character Count:** 37823
**Document Hash:** bf76e9025a21b0139d6a6b746f3b73a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124191.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124191

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CYPHERPUNK TECHNOLOGIES INC.
- **CENTRAL INDEX KEY:** 0001509745
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 274412575
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292409
- **FILM NUMBER:** 251600536

**BUSINESS ADDRESS:**
- **STREET 1:** 47 THORNDIKE STREET
- **STREET 2:** SUITE B1-1
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 617 252 4343

**MAIL ADDRESS:**
- **STREET 1:** 47 THORNDIKE STREET
- **STREET 2:** SUITE B1-1
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEAP THERAPEUTICS, INC.
- **DATE OF NAME CHANGE:** 20160818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dekkun Corp
- **DATE OF NAME CHANGE:** 20110107

**As filed with the Securities and Exchange Commission on December 23, 2025**

**Registration No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**CYPHERPUNK TECHNOLOGIES INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **27-4412575** |
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization) |  |
| **47 Thorndike Street, Suite B1-1** |  |
| **Cambridge, Massachusetts** | **02141** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**CYPHERPUNK TECHNOLOGIES INC. 2025 Equity incentive Plan**

(Full title of the plan)

---

| | |
|:---|:---|
| **Douglas E. Onsi** <br>**Chief Executive Officer and President**<br>**Cypherpunk Technologies Inc.**<br>**47 Thorndike Street, Suite B1-1**<br>**Cambridge, Massachusetts**<br>**(617) 714-0360** | **Julio E. Vega, Esq.**<br>**Rahul K. Patel, Esq.**<br>**Morgan, Lewis & Bockius LLP**<br>**One Federal Street**<br>**Boston, Massachusetts 02110**<br>**(617) 951-8000** |
| (Name, address, telephone number, | (With copies to) |
| including area code, of agent for service) |  |

---

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer □ Non-accelerated filer ⌧ Smaller reporting <br> company ⌧ Emerging growth<br> company ⌧

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

The stockholders of Cypherpunk Technologies Inc. (the "<u>Registrant</u>") approved the Cypherpunk Technologies Inc. 2025 Equity Incentive Plan (the "<u>2025 Plan</u>") on December 15, 2025 (the "<u>Effective Date</u>"). As provided in the 2025 Plan, 22,500,000 shares of common stock, par value $0.001 per share ("<u>Common Stock</u>"), are available for issuance thereunder. In addition, an aggregate of 5,653,387 shares of Common Stock that, as of the Effective Date, remained available for issuance or grant under the Registrant's 2016 Equity Incentive Plan (the "<u>2016 Plan</u>") and/or the 2022 Equity Incentive Plan (the "<u>2022 Plan</u>"), as applicable, pursuant to awards granted under the 2016 Plan and/or the 2022 Plan at any time after the Effective Date, <u>plus</u>, up to an aggregate of 3,301,398 shares of Common Stock subject to stock options and/or other awards granted under the 2016 Plan and/or the 2022 Plan, as applicable, that were outstanding on the Effective Date and may expire or terminate unexercised after the Effective Date, may be issued with respect to awards under the 2025 Plan. The purpose of this registration statement (the "<u>Registration Statement</u>") is to register an aggregate of 31,454,785 shares of Common Stock that may be issued in connection with awards granted under the 2025 Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

---

| | |
|:---|:---|
| **Item 1.** | **Plan Information.\*** |
| **Item 2.** | **Registrant Information and Employee Plan Annual Information.\*** |

---

\* The documents containing the information specified in Part I will be delivered in accordance with Rule 428(b)(1) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "<u>Commission</u>"), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents, which have been previously filed by the Registrant with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), are hereby incorporated herein by reference and shall be deemed to be a part of this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Registrant's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 26, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000141057825000454/lptx-20241231x10k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Quarterly Reports on Form 10-Q for the quarter ended March 31,
 2025, filed with the Commission on [May 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000141057825001204/lptx-20250331x10q.htm) , the quarter ended June 30, 2025, filed with the Commission on [August 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000141057825001774/lptx-20250630x10q.htm) , and the quarter ended September 30, 2025, filed with the Commission on [November 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925109827/tmb-20250930x10q.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant's Current Reports on Form 8-K filed with the Commission on [January 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925006544/tm254560d1_8k.htm) , [March 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925024450/tm259469d1_8k.htm) , [March 26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925028015/tm2510101d2_8k.htm) , [June 23, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925061385/tm2518612d1_8k.htm) , [September 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000141057825002072/tm2525891d1_8k.htm) , [October 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925096966/tm2528058d1_8k.htm) , [October 9, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925098082/tm2528058d2_8k.htm) , [October 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925100646/tm2529085d1_8k.htm) , [November 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925109820/tm2530735d1_8k.htm) , [November 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925110341/tm2530735d2_8k.htm) , [November 18, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925113698/tm2531584d1_8k.htm) , [November 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925114435/tm2531822d1_8k.htm) , and [December 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1509745/000110465925121566/tm2533529d1_8k.htm) (provided that any portions of such reports that are deemed furnished and not filed pursuant to instructions to Form 8-K shall
not be incorporated by reference into this Registration Statement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of Common Stock set forth in [Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/1509745/000104746920001500/a2240891zex-4_6.htm) to the Registrant's Annual Report
on Form 10-K for the fiscal year ended December 31, 2019, filed with the Commission on March 16, 2020 pursuant to Section 12(b) of
the Exchange Act, including any amendment or report filed for the purpose of updating such description.

In addition, all documents that the Registrant files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the effective date of this Registration Statement (except for any portions of the Registrant's Current Reports on Form 8-K furnished pursuant to Item 2.02 or Item 7.01 thereof and any corresponding exhibits thereto not filed with the Commission), but prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.

For purposes of this Registration Statement, any document or statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such document or statement in such document. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

The Registrant is incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a Delaware corporation may indemnify any persons who are, or are threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person was an officer, director, employee or agent of such corporation, or is or was serving at the request of such person as an officer, director, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal.

Our Fourth Amended and Restated Certificate of Incorporation, as amended (the "Charter"), and Amended and Restated Bylaws (the "Bylaws") provide for the indemnification of our directors and officers to the fullest extent permitted under the Delaware General Corporation Law. The Bylaws further provide that the Registrant shall indemnify any Indemnitee pursuant to the provisions described in the immediately foregoing paragraph who has been successful on the merits or otherwise in the defense of any action, suit or proceeding, any claim, issue or matter therein or on appeal from any such action suit or proceeding. The Registrant will advance expenses incurred by an indemnitee who is a party or is otherwise involved in a proceeding, action, suit, or investigation or appeal therefrom in advance of the final disposition of such proceeding, upon receipt of an undertaking by or on behalf of such Indemnitee to repay such amount if it is ultimately determined by final judicial decision that such person is not entitled to indemnification, that the Indemnitee did not act in good faith and in a manner reasonably believed to be in the best interests or not opposed to the Registrant, or with respect to any criminal action, indemnitee had reasonable cause to believe his or her conduct was unlawful. The Registrant will not indemnify an indemnitee to the extent such indemnitee is reimbursed from proceeds of insurance.

Section 102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except for liability for any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transaction from which the director derives an improper personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· act or omission not in good faith or that involves intentional misconduct
or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· unlawful payment of dividends or redemption of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· breach of a director's duty of loyalty to the corporation or its stockholders.

Our Charter includes such a provision.

The Registrant has entered into indemnification agreements with each of its directors and executive officers. These agreements, among other things, would require the Registrant to indemnify each director and officer to the fullest extent permitted by the DGCL, the Charter and the Bylaws, for expenses such as, among other things, attorneys' fees, judgments, fines, and settlement amounts incurred by the director or executive officer in any action or proceeding, including any action by or in the Registrant's right, arising out of the person's services as its director or executive officer or as the director or executive officer of any subsidiary of the Registrant or any other company or enterprise to which the person provides services at the Registrant's request. At present, there is no pending litigation or proceeding involving any of our directors or executive officers as to which indemnification is required or permitted, and we are not aware of any threatened litigation or proceeding that may result in a claim for indemnification. The Registrant also maintains directors' and officers' liability insurance.

The Commission has taken the position that personal liability of directors for violation of the federal securities laws cannot be limited and that indemnification by the Registrant for any such violation is unenforceable. The limitation of liability and indemnification provisions in the Charter and Bylaws may discourage stockholders from bringing a lawsuit against the Registrant's directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against the Registrant's directors and officers, even though an action, if successful, might benefit the Registrant and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and officers as required by these indemnification provisions.

The foregoing summaries are necessarily subject to the complete text of the DGCL, the Charter, the Bylaws and the indemnification agreements with each of the Registrant's directors and executive officers referred to above and are qualified in their entirety by reference thereto.

See also the undertakings set forth in response to Item 9 hereof.

**Item 7.** **Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

The Registrant hereby files the exhibits set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | **Description of Exhibit** |
| [4.1](http://www.sec.gov/Archives/edgar/data/1509745/000110465920104009/tm2030606d1_ex3-3.htm) | [Fourth Amended and Restated Certificate of Incorporation of Cypherpunk Technologies Inc. (f/k/a Leap Therapeutics, Inc.) (incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K as filed on September 10, 2020).](http://www.sec.gov/Archives/edgar/data/1509745/000110465920104009/tm2030606d1_ex3-3.htm) |
| [4.2](http://www.sec.gov/Archives/edgar/data/1509745/000141057823002343/lptx-20230930xex3d1.htm) | [Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Leap Therapeutics, Inc. dated June 20, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q as filed on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1509745/000141057823002343/lptx-20230930xex3d1.htm) |
| [4.3](http://www.sec.gov/Archives/edgar/data/1509745/000141057823002343/lptx-20230930xex3d2.htm) | [Certificate of Elimination of the Series X Non-Voting Convertible Preferred Stock of the Company (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q as filed on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1509745/000141057823002343/lptx-20230930xex3d2.htm) |

---

---

| | |
|:---|:---|
| [4.4](http://www.sec.gov/Archives/edgar/data/1509745/000110465925109827/tmb-20250930xex3d2.htm) | [Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation of Cypherpunk Technologies Inc. (f/k/a Leap Therapeutics, Inc.), dated November 12, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q as filed on November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1509745/000110465925109827/tmb-20250930xex3d2.htm) |
| [4.5](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925121566/tm2533529d1_ex3-1.htm) | [Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation of Cypherpunk Technologies Inc., dated December 15, 2025 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K as filed on December 16, 2025).](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925121566/tm2533529d1_ex3-1.htm) |
| [4.6](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925109827/tmb-20250930xex3d3.htm) | [Amended and Restated Bylaws of Cypherpunk Technologies Inc. (effective as of November 12, 2025) (incorporated by reference to Exhibit 3.3 of the Registrant's Quarterly Report on Form 10-Q as filed on November 12, 2025).](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925109827/tmb-20250930xex3d3.htm) |
| [4.7](http://www.sec.gov/Archives/edgar/data/1509745/000104746916016763/a2230279zex-4_1.htm) | [Form of Common Stock Certificate of the Registrant (incorporated by reference to Exhibit 4.1 to Amendment No. 2 to the Company's registration statement on Form S-4, as filed on November 16, 2016).](http://www.sec.gov/Archives/edgar/data/1509745/000104746916016763/a2230279zex-4_1.htm) |
| [5.1\*](tm2534026d1_ex5-1.htm) | [Opinion of Morgan, Lewis & Bockius LLP.](tm2534026d1_ex5-1.htm) |
| [23.1\*](tm2534026d1_ex23-1.htm) | [Consent of EisnerAmper LLP, Independent Registered Public Accounting Firm.](tm2534026d1_ex23-1.htm) |
| [23.2\*](tm2534026d1_ex5-1.htm) | [Consent of Morgan, Lewis & Bockius LLP (included in Exhibit 5.1)](tm2534026d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on the signature page of this Form S-8)](#a_001) |
| [99.1](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925121566/tm2533529d1_ex10-1.htm) | [Cypherpunk Technologies Inc. 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K as filed on December 16, 2025).](http://www.sec.gov/Archives/edgar/data/0001509745/000110465925121566/tm2533529d1_ex10-1.htm) |
| [107\*](tm2534026d1_ex-filingfees.htm) | [Filing Fee Exhibit](tm2534026d1_ex-filingfees.htm) |

---

\* Filed herewith

**Item 9.** **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;

*Provided, however,* that paragraphs (a)(i) and (a)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities
offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cambridge, Massachusetts on this 23rd day of December, 2025.

---

| | |
|:---|:---|
| **Cypherpunk Technologies Inc.**<br> (Registrant) | **Cypherpunk Technologies Inc.**<br> (Registrant) |
| By: | /s/ Douglas E. Onsi |
|  | Name: Douglas E. Onsi |
|  | Title: President, Chief Executive Officer and Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW BY ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Douglas E. Onsi and Will McEvoy, and each of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and revocation, for and in the undersigned's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form S-8 (this "<u>Registration Statement</u>") and any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratify and confirming all that said attorneys-in-fact and agents or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the date listed below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| /s/ Douglas E. Onsi | Chief Executive Officer, President, Chief Financial Officer and Director | December 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas E. Onsi | (Principal Executive Officer and Principal Financial Officer) |  |
| /s/ Khing Oei | Chairman of the Board of Directors | December 20, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Khing Oei |  |  |
| /s/ James Cavanaugh | Director | December 20, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;James Cavanaugh |  |  |
| /s/ Thomas Dietz | Director | December 19, 2025 |
| Thomas Dietz |  |  |
| /s/ William Li | Director | December 20, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;William Li |  |  |
| /s/ Joseph Loscalzo | Director | December 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joseph Loscalzo |  |  |
| /s/ Patricia Martin | Director | December 21, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patricia Martin |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Nissim Mashiach | Director | December 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissim Mashiach |  |  |
| /s/ Will McEvoy | Director | December 21, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Will McEvoy |  |  |
| /s/ Christopher K. Mirabelli | Director | December 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Christopher K. Mirabelli |  |  |
| /s/ Christian Richard | Director | December 20, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Christian Richard |  |  |
| /s/ Richard L. Schilsky | Director | December 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Richard L. Schilsky |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm2534026d1_ex5-1.jpg)

December 23, 2025

Cypherpunk Technologies Inc.

47 Thorndike Street, Suite B1-1

Cambridge, MA 02141

RE: <u>Cypherpunk Technologies Inc., Registration Statement on Form S-8 Filed on December 23, 2025</u>

Ladies and Gentlemen:

We have acted as counsel to Cypherpunk Technologies Inc., a Delaware corporation (the "Company"), in connection with the registration by the Company of 31,454,785 shares of common stock of the Company, par value $0.001 per share (the "Shares"), issuable under the Company's 2025 Equity Incentive Plan (the "2025 Plan").

The Shares are included in a registration statement on Form S-8 under the Securities Act of 1933, as amended (the "Act"), filed with the Securities and Exchange Commission (the "Commission") on December 23, 2025 (the "Registration Statement"). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the related prospectuses, other than as expressly stated herein with respect to the issuance of the Shares.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware (the "DGCL"), and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares have been issued and delivered by the Company against payment therefor in the circumstances contemplated by the 2025 Plan, assuming in each case that the individual issuances, grants or awards under the 2025 Plan are duly authorized by all necessary corporate action and duly issued, granted or awarded and exercised in accordance with the requirements of law and the 2025 Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Morgan, Lewis & Bockius LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement of Cypherpunk Technologies Inc. (formerly known as Leap Therapeutics, Inc.) on Form S-8 to be filed on or about December 23, 2025 of our report dated March 25, 2025, on our audits of the financial statements as of December 31, 2024 and 2023 and for each of the years then ended, which report was included in the Annual Report on Form 10-K filed March 26, 2025.

/s/ EisnerAmper LLP

EISNERAMPER LLP

Philadelphia, Pennsylvania

December 23, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CYPHERPUNK TECHNOLOGIES INC.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, $0.001 par value per share to be issued pursuant to the Cypherpunk Technologies Inc. 2025 Equity Incentive Plan | 457(a) | 31454785 | $0.98 | $30825689.30 | 0.0001381 | $4257.03 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $30825689.30  |  | $4257.03  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $4257.03  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover an indeterminate number of additional shares of the Registrant's common stock, $0.001 par value per share (the "Common Stock") that become issuable under the plan set forth herein by reason of any stock dividend, stock split, recapitalization, or other similar transaction. The Proposed Maximum Offering Price per Unit is estimated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the Common Stock as reported on the Nasdaq Global Market on December 18, 2025, under the symbol "CYPH".

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---