Zcash has entered a prolonged decline after a strong advance late last year. Prices have fallen sharply since November, erasing gains that once made the token a market leader in 2025. At the same time, activity from a key corporate holder has slowed, raising questions about near-term demand. Elsewhere in crypto, other treasury firms continue to buy despite heavy losses on paper.
In brief
- ZEC has fallen about 60% since November after reversing a late 2025 rally that took prices near $700.
- Cypherpunk suspended Zcash accumulation after its last purchase in December, holding approximately 1.76% of the total supply.
- At current prices, Cypherpunk's Zcash cash position shows an unrealized loss of approximately $25.7 million.
- As Zcash struggles, Bitcoin and Ethereum treasuries continue to buy despite billions in unrealized losses.
ZEC down 60% from peak as accumulation halts
Zcash (ZEC) is down about 60% since its November peak, extending a decline that began in early December. After rising during the fall and reaching around $700 in mid-November, the privacy-focused token reversed course and again lost much of its fourth-quarter gains. Yet prices remain nearly 400% above levels seen before the rally began in late September.
Selling pressure mounted shortly after Winklevoss-backed treasury firm Cypherpunk Technologies disclosed its latest purchase of ZEC. Launched in November as a digital asset treasury focused on Zcash, the company announced its third and most recent purchase on December 30. This transaction brought the total assets to 290,062.67 ZEC, according to company statements.
Since this update, spot prices have fallen by over 50%. Data from CoinGecko shows no change in Cypherpunk's ZEC balance, suggesting that accumulation is paused. The holdings now represent approximately 1.76% of Zcash's total supply, although the company has said it plans to reach a 5% stake over time.
Zcash Fall Leaves Cypherpunk Down 26% on Cash Holdings
At current prices around $245, Cypherpunk is showing a significant unrealized loss. The average purchase cost is approximately $334 per coin, leaving the position down approximately $25.73 million, or 26.5%.
Key points regarding Cypherpunk's Zcash position:
- The last reported purchase took place on December 30, 2025.
- Total assets remain at 290,062.67 ZEC.
- Accumulation was suspended after reaching approximately 1.76% of supply.
- The target level of holding remains at 5% of the total ZECs.
The stock markets also reacted. Cypherpunk shares have fallen nearly 40% over the past month. Yet prices remain more than double November levels, before the company changed its name from Leap Therapeutics, Inc. to a Zcash-focused treasury vehicleaccording to Google Finance.
Other digital asset treasuries continue to buy at a faster pace. Michael Saylor's company, Strategy, has added Bitcoin almost every week for over a year. Despite unrealized losses close to $4.36 billion, Strategy has made five Bitcoin purchases so far in 2026. Meanwhile, BitMine, led by Tom Lee, is keeping pace in Ethereum purchases, even as paper losses have reached around $6 billion.
The pressure has also extended to the Winklevoss' broader crypto empire. Gemini announced plans to cut about 25% of its remaining staff and exit several overseas markets, choosing to focus on its U.S. operations amid continued market tension.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
