Macro supply absorption
(21M max cap scarcity)
Circulating: 16,951,578 ZEC
Corporate treasuries:
932,378 ZEC (5.50%)
Shielded supply:
5,038,644 ZEC (29.72%)
Liquid public float:
10,980,555 ZEC (64.78%)
Corporate Treasuries & Public Equities
$2.98
-10.0% (24h)
ZEC holdings
We use the latest statement and add roughly 300 ZEC per day that we assume are mined and kept by Cypherpunk Technologies. Numbers to be adjusted based on filings.
335,702
ZEC
USD value
$417.1M
Avg. purchase price
Avg: $335.89
Unrealized P&L
+269.9%
mNAV
Basic Common Shares Outstanding (107,764,382) + exercised pre-funded warrants (16,570,852, filing ↗) + non-exercised pre-funded warrants 102,167,808 (filing ↗).
1.62x
Diluted mNAV
Diluted mNAV takes the maximum potential dilution with the 333,340,000 share count.
2.38x
$3.31
-8.3% (24h)
Zcash mined Q2
33,646
ZEC
Realized hashrate
4.0 GSol/s
Mining costs
±$70
Unrealized P&L
—
ZEC holdings
According to filings of Fortitude Mining Holdings, Inc. and reported mining production telemetry, we assume that Fortitude keeps 20% of the ZEC on its balance sheet and applies a moderate accumulation policy. This figure is subject to operational expenditures, working capital management, and actual treasury reserve allocations upon closing of the business combination.
11,063 ZEC
USD value
$13.7M
Exchange-Traded Products & Funds (ETFs / ETPs)
$32.64
-7.7% (24h)
ZEC holdings
Holdings directly reported via the fund website: thezcashetf.com
583,159
ZEC
Fund AUM
$724.6M
mNAV
Current market price relative to underlying net asset value per share.
0.99x
Zcash per share
0.026607 ZEC
14d avg daily inflows
+$nanM/day
Launch date
Conversion of the Zcash Trust which was started on October 23, 2017
25/08/2026
$17.54
+0.0% (24h)
ZEC holdings
1,443.00
ZEC
Fund AUM
$1.8M
mNAV
1.08x
Zcash per share
0.013118 ZEC
14d avg daily inflows
+$nanM/day
Launch date
21/09/2026
SEK 137.00
+0.0% (24h)
ZEC holdings
1,011.20
ZEC
Fund AUM
$1.3M
mNAV
1.00x
Zcash per share
0.009967 ZEC
Management fee
1.90% p.a.
Launch date
28/09/2026
TL;DR Zebra is the fastest Zcash node: 9.6× faster than Zebra 7.0.0 and 3-4× faster than Zakura on prepared mixed blocks. Built from miner feedback: our initial work after liste...
Official SEC Edgar filing accession #0001213900-26-114509. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-113902. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-113387. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-112946. Form type: DEFA14A.
Zcash co-founder proposes ending grants subsidy, citing $125 million treasury The Block
Official SEC Edgar filing accession #0001213900-26-112543. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-112282. Form type: DEFA14A.
SEC filing citing Zcash (ZEC). Accession #0001213900-26-112016. Form type: S-1/A.
Investors Buy Large Volume of Cypherpunk Technologies Call Options (NASDAQ:CYPH) MarketBeat
We are pleased to announce the release of Zebra 7.0.0, the first stable release with support for NU7 on Mainnet. NU7 brings blocks every 25 seconds instead of every 75, a Networ...
Zcash Foundation Details Zebra Sync Fixes Ahead Of NU7 Release TradingView
Official SEC Edgar filing accession #0001213900-26-111377. Form type: DEFA14A.
Heartsciences Files Definitive Proxy Statement For Proposed Business Combination With Fortitude Mining TradingView
Grayscale expands in-kind subscriptions to 10 crypto ETFs and trusts The Block
Bitcoin hovers around $83,000 as AI earnings revive tech, ZEC jumps 11% CoinDesk
Record Zcash Coinholder Vote Keeps Halvings as Zakura Tests 25-Second Blocks CoinDesk
The Zcash Foundation Board of Directors has appointed David Campbell as Executive Director. He succeeds Alex Bornstein, who has led the Foundation since March 2025. Alex will re...
Official SEC Edgar filing accession #0001213900-26-110718. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-110492. Form type: DEFA14A.
Zcash is up over 1,000% this year and institutions are openly behind it Startup Fortune
Official SEC Edgar filing accession #0001213900-26-109894. Form type: DEFA14A.
Official SEC Edgar filing accession #0001231919-26-001453. Form type: 4.
Official SEC Edgar filing accession #0002092596-26-000004. Form type: 4.
Winklevoss Twins-Backed Cypherpunk Says Zcash Mining Is 'Nowhere Close' To Bitcoin, AI — Sees $10K Potential TradingView
Winklevoss Twins Prep Zcash ETFs as Privacy-Coin Trade Surges Bloomberg.com
Winklevoss Zcash ETF Filing Brings Privacy Coin Exposure To Nasdaq TradingView
Grayscale says crypto ETF market is entering new phase as Zcash ETF tops $1 billion The Block
Crypto Long & Short: Zcash and the case for privacy in the age of AI CoinDesk
We are pleased to welcome Joan De Arcayne, who joins ZF as a Technical Program Manager. Joan has spent the past several years working in crypto, launching products, running expe...
Project Eleven Launches Post-Quantum Custody Platform With Zcash Foundation TradingView
Official SEC Edgar filing accession #0001213900-26-107250. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-107238. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-106985. Form type: DEFA14A.
The proposed fund would hold ZEC directly, trade on Nasdaq under "WINK" with Gemini as custodian, and add the Winklevoss twins to a wave of institutional interest in the privacy...
The proposed fund would charge a 0.25% fee and names Zcash treasury company Cypherpunk Technologies as its ecosystem partner.
Fortitude expands Zcash mining push with up to $100 million equipment commitment The Block
Fortitude Doubles Down on Zcash Mining With $100M BITMAIN Commitment Yahoo Finance
Winklevoss Plans a Zcash ETF 10x Cheaper Than Grayscale Yahoo Finance
Winklevoss group seeks to launch Zcash ETF with 0.25% fee, proposed WINK ticker The Block
Official SEC Edgar filing accession #0001193125-26-414323. Form type: 424B3.
Official SEC Edgar filing accession #0001193125-26-414257. Form type: 8-K.
Fortitude Secures Priority Supply Allocation for BITMAIN’s Next-Generation Zcash Mining Equipment, Announces $100 Million Non-Binding Purchase Commitment, and Additional Upsizin...
Zcash’s 25-second blocks go live on public testnet ahead of schedule CoinDesk
Official SEC Edgar filing accession #0001213900-26-106514. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-106500. Form type: 8-K.
SEC filing citing Zcash (ZEC). Accession #0001999371-26-022017. Form type: S-1/A.
Zcash: ZEC liquidity pool goes live on THORChain - 02 Oct 2026 TradingView
We are pleased to announce the release of Zebra 7.0.0-rc.0, the first release candidate for NU7, the next Zcash network upgrade. NU7 brings blocks every 25 seconds instead of ev...
Official SEC Edgar filing accession #0001213900-26-104895. Form type: DEFA14A.
Official SEC Edgar filing accession #0001193125-26-408382. Form type: 8-K.
SEC filing citing Zcash (ZEC). Accession #0001213900-26-105231. Form type: S-1/A.
DeFi Technologies Inc. (DEFI) Launches Zcash ETP on Spotlight TradingView
The Stack Grayscale
Grayscale Files Bi-Weekly Payout Zcash ETF, Less Than 3 Weeks After Its 2x Fund Filing Yahoo Finance
Grayscale Files Zcash ETF That Pays Every 2 Weeks: What's the Catch? Yahoo Finance
Official SEC Edgar filing accession #0001104659-26-111063. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-111061. Form type: 4.
Cypherpunk Technologies Director Sold Shares Worth Over $661K TradingView
Zcash’s Recent Surge: Is $5,000 or $200 the Next Target? Yahoo Finance
Zebra 6.4.2: Emergency Fix for a Remotely Triggerable Crash Zebra 6.4.2 is an emergency security release that fixes a high-severity vulnerability in Zebra 6.4.0 and 6.4.1 that l...
Official SEC Edgar filing accession #0001213900-26-102844. Form type: DEFA14A.
Researchers propose Zcash-style private Bitcoin transfers without a soft fork TradingView
The New ZCash ETF Just Passed $915 Million in Assets. Is Zcash a Buy, Sell, or Hold Right Now? Yahoo Finance
Zebra 6.4.0 is a security release that also adds an experimental lightwalletd-compatible gRPC server, lowers the ZIP 317 conventional fee, speeds up block template delivery for ...
A Winklevoss-backed Zcash mining bet is on track to hit $125 million a year CoinDesk
ZEC Vs. UNI: Why Zcash, Uniswap Are Outpacing Bitcoin, Major Altcoins Today Yahoo Finance
Zcash's Wall Street Moment Reaches Europe With Its First ETP Listing Decrypt
Zcash hits record high of $1,600 as token’s privacy narrative strikes chord with investors Fortune
Official SEC Edgar filing accession #0001104659-26-109463. Form type: 8-K.
Zcash gets first European ETP following US ETF launch TradingView
Cypherpunk Technologies Inc. (CYPH) Adds Amanda Fabiano to Board TradingView
21shares Expands Product Suite with Launches of ether.fi ETP (ETHFI) and Zcash ETP (ZCASH) GlobeNewswire
Official SEC Edgar filing accession #0001213900-26-101858. Form type: DEFA14A.
Grayscale's Zcash ETF To Undergo 3-For-1 Split Yahoo Finance
A Zcash ETF Launched in August Now Accounts for a Third of All Crypto ETF Trading Yahoo Finance
Official SEC Edgar filing accession #0001213900-26-101139. Form type: DEFA14A.
Official SEC Edgar filing accession #0001193125-26-395068. Form type: 8-K.
Zcash miner Fortitude names former Hut 8 chief Jaime Leverton CEO ahead of Nasdaq deal CoinDesk
Grayscale's Pandl still sees bitcoin's $58K low as the bottom, gives clients 'green light' The Block
The ZCAP poll on the outstanding scope questions for NU7 has closed, having run since August 27th concurrently with the coinholder poll. This poll followed the NU7 Sentiment Pol...
SEC filing citing Zcash (ZEC). Accession #0001213900-26-099328. Form type: S-1/A.
Zcash (ZEC) Bloodbath: 16% Drop Triggers Liquidation Spree TradingView
Privacy Coin Zcash Becomes Top Performer as Crypto Losses Mount Bloomberg.com
The Zcon7 program is live! View the full program and speakers lineup. Zcon7 is happening October 27–29 in Cancún, Mexico. This year, we designed Zcon differently. There are fewe...
Zcash Is Up More Than 2,000% in a Year While XRP, Solana and Cardano Are All Down. What Zcash Has That They Do Not. Yahoo Finance
Official SEC Edgar filing accession #0001193125-26-385317. Form type: 8-K.
Zcash ETF Net Assets Reach $463 Million as ZEC Nears $1,200 Yahoo Finance
Official SEC Edgar filing accession #0001104659-26-104753. Form type: 8-K.
Coinbase tokenized stocks hit $100M in volume; first Zcash ETF and Strategy yield goes DeFi | CoinDesk Videos CoinDesk
Zcash and the Privacy Imperative Grayscale
Official SEC Edgar filing accession #0001104659-26-102467. Form type: 4.
Today, we opened a SIV poll of the Zcash Community Advisory Panel (ZCAP), which will run until Monday, September 14th, 19:00 UTC, concurrently with the coinholder poll. The purp...
Official SEC Edgar filing accession #0001193125-26-364568. Form type: 424B3.
Watch Grayscale Launched First Zcash ETF, Token Soars Bloomberg
Cypherpunk Technologies Looks Fully Valued After Zcash-Fueled Surge (NASDAQ:CYPH) Seeking Alpha
Grayscale debuts first Zcash ETF of its kind as privacy coin surges The Block
Grayscale's Zcash ETF Begins Trading on NYSE Arca Yahoo Finance
Grayscale Launches First Zcash Exchange-Traded Fund Yahoo Finance
Official SEC Edgar filing accession #0001104659-26-100330. Form type: 4.
Official SEC Edgar filing accession #9999999995-26-002739. Form type: EFFECT.
Official SEC Edgar filing accession #0001193125-26-363603. Form type: 424B3.
Official SEC Edgar filing accession #0001193125-26-362505. Form type: 8-A12B.
SEC filing citing Zcash (ZEC). Accession #0001213900-26-092828. Form type: S-1/A.
Cypherpunk Technologies advances 18%, posting yet another double-digit rise (CYPH:NASDAQ) Seeking Alpha
Grayscale Zcash ETF Filing Puts Privacy Coin Back In Regulatory Spotlight TradingView
Key facts: Grayscale Seeks ZCH ETF; Cypherpunk Mining, CRYPTO:ZECUSD TradingView
Zcash Price Hits 8-Year High as Grayscale ETF Gets Closer Yahoo Finance
Zcash hits eight-year high near $850 with futures volume near $10 billion amid Grayscale ETF push The Block
Official SEC Edgar filing accession #0001193125-26-361075. Form type: 8-K.
Official SEC Edgar filing accession #0001193125-26-361067. Form type: S-3/A.
Grayscale moves closer to launching first Zcash ETF in US with fresh amended SEC filing The Block
Official SEC Edgar filing accession #0002092596-26-000002. Form type: 4.
Official SEC Edgar filing accession #0002085726-26-000002. Form type: SCHEDULE 13D/A.
Official SEC Edgar filing accession #0001231919-26-000951. Form type: 4.
Shares issued at $2.43, a 22% premium to the closing price on the purchase date, with Fortitude receiving no additional merger consideration in respect of the investmentFortitud...
Grayscale's latest Zcash ETF amendment shows DCG in talks to contribute 200,000 ZEC to fund The Block
Official SEC Edgar filing accession #0001104659-26-098120. Form type: 8-K.
Official SEC Edgar filing accession #0001193125-26-354794. Form type: S-3/A.
Cypherpunk Technologies Launches World's Largest Zcash Mining Fleet TradingView
Cypherpunk launches Zcash mining fleet controlling 18% of network hashrate TradingView
Cypherpunk Technologies to Acquire Mining Assets for $33.3 Million Paid via Pre-Funded Warrant TradingView
Official SEC Edgar filing accession #0001104659-26-094449. Form type: 10-Q.
Official SEC Edgar filing accession #0001104659-26-094445. Form type: 8-K.
CYPHERPUNK TECHNOLOGIES INC. 2026: Revenue $39.39M, EPS $0.18— 10-Q Summary TradingView
SEC filing citing Zcash (ZEC). Accession #0001193125-26-342985. Form type: S-3/A.
Zcash (ZEC) Breaks 9-Year Trend vs. Bitcoin (BTC): Why the Old Rules of Crypto Market Are 'Dead' TradingView
Official SEC Edgar filing accession #0001720265-26-000006. Form type: 10-Q.
Official SEC Edgar filing accession #0001193125-26-327131. Form type: S-3/A.
Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order - The Block ↗
Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order The Block
Company believes proposed Fortitude Mining Holdings business combination represents a significant value creation opportunity for the Company’s shareholders Fiscal 2026 saw the f...
'Ethereum Cypherpunk Manifesto' author joins Ethereum Foundation as fourth board member The Block
What is Zcash (ZEC)? The Privacy Coin Using Zero-Knowledge Proofs Decrypt
FAIRPORT, N.Y., July 28, 2026--Fortitude expands its owned power advantage by energizing its first greenfield build at an attractive power cost.
The Digital Currency Group-owned Zcash miner brought its first greenfield site online as it looks to lower mining costs and advance plans to become a public company.
Barry Silbert-backed Zcash miner Fortitude brings Nebraska facility online to cut its ZEC production costs The Block
Company believes proposed Fortitude merger represents a significant opportunity for the Company’s shareholders; preliminary proxy statement in connection with the Proposed Trans...
Official SEC Edgar filing accession #0001104659-26-085399. Form type: 8-K.
Cypherpunk Technologies Disclosed Failure to Satisfy a Continued Listing Rule or Standard TradingView
Zcash Flashes Golden Cross: One VP Backing The Privacy Coin Calls It Bitcoin's 'Most Credible Complement' TradingView
Zcash (ZEC) - Zcashd End-of-Life - 18 Jul 2026 TradingView
Official SEC Edgar filing accession #0001104659-26-080497. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080496. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080495. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080494. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080493. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080492. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-080491. Form type: 4.
Official SEC Edgar filing accession #0001720265-26-000003. Form type: 8-K.
New Zcash nonprofit Sovright unveils ZEC wallet recovery tool The Block
By Karen Roman Fortitude Mining Holdings, Inc., a Zcash mining platform, has agreed to merge with HeartSciences Inc. (Nasdaq: HSCS) in an all-stock transaction that will take th...
FAIRPORT, N.Y., June 23, 2026--Fortitude Mining Holdings, Inc. ("Fortitude"), a vertically-integrated digital asset mining platform anchored in Zcash, and HeartSciences Inc. (Na...
Zcash rebounds to $530 following exploit-driven crash TradingView
Anthropic's Mythos AI finds no more 'serious' bugs in Zcash: Wilcox TradingView
Zcash Crash: ZEC Token Price Dropped 35%, Should You Sell? TradingView
Cypherpunk Technologies shares tumbled to their lowest point since March as jitters tied to a Zcash bug knocked the Winklevoss-backed firm.
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Top crypto price predictions: Zcash, Cardano, Pi Network TradingView
Grayscale gets behind the hype, launching its HYPG Hyperliquid ETF on Nasdaq The Block
Helius CEO Claims Zcash Patch Banning MSTR’s Michael Saylor, BMNR’s Tom Lee — But Is It Real? TradingView
Zcash breakout tests institutional appetite for privacy Startup Fortune
Will Zcash price hit $641 as ZEC outperforms Bitcoin and Ethereum? TradingView
Why Multicoin Is Betting Big On Zcash: Tushar Jain Lays Out The Bull Case TradingView
Zcash Price Surges After SEC Closure—Will This Catalyst Push ZEC to $1,000 in 2026 TradingView
Key facts: Zcash Foundation $36.7M; Jain Discloses Stake; Hayes 10% BTC TradingView
Cypherpunk Technologies reports Q1 2026 net loss of $77.2M, ZEC treasury marked to $73.8M TradingView
Official SEC Edgar filing accession #0001193125-26-214629. Form type: 10-Q.
Multicoin unveils ‘significant’ zcash position as privacy trade returns CoinDesk
Zcash spikes 30% after Multicoin managing partner says firm bought the token, calls it protection against wealth taxes Fortune
Zcash Leads Privacy Coin Surge With 37% Gains on MultiCoin Investment Decrypt
Why Is Zcash Price Up By 43% Today? TradingView
Official SEC Edgar filing accession #0001193125-26-140340. Form type: S-3/A.
Official SEC Edgar filing accession #0001193125-26-124064. Form type: 8-K.
Official SEC Edgar filing accession #0001193125-26-104253. Form type: 10-K.
Official SEC Edgar filing accession #0001193125-26-100136. Form type: 8-K.
Prominent privacy coin Zcash (ZEC) has jumped 7% over the last day as the Zcash Open Development Lab announced a $25 million fundraise.
SEC filing citing Zcash (ZEC). Accession #0001193125-26-032060. Form type: S-3/A.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ul...
Cypherpunk Technologies boosted its zcash bet with a $28 million token purchase, lifting its holdings to 1.7% of ZEC’s circulating supply.
In a wide-ranging interview with CoinDesk's Jennifer Sanasie, Zooko Wilcox, founder of Zcash, explains his new role as Strategic Advisor to Cypherpunk Technologies and why he be...
We’ve been deep in the engine room for this one. Zashi 2.4.9 brings a round of UI improvements and a serious performance boost, all driven by your feedback. What’s New […] Source
SEC filing citing Zcash (ZEC). Accession #0001999371-25-019113. Form type: S-1/A.
Since the start of 2024, ECC’s top priority has been delivering the best experience for ZEC users. That means building an intuitive interface for Zcash and letting the UX requir...
Cypherpunk Technologies (CYPH) Options Chain & Prices 2026 MarketBeat
Did someone say privacy by default? Let’s break down why Gemini’s latest Zcash update is a game-changer. Last week, Gemini set a new benchmark for how centralized exchanges supp...
At Electric Coin Co. (ECC), our mission is to empower people with economic freedom. We build to protect privacy, consent, security, and human dignity. We pursue this mission thr...
Ready to easily swap crypto for Zcash (ZEC) without centralized exchanges? Zashi 2.4 is here, bringing decentralized swaps powered by Near Intents. Convert assets like USDC, Bit...
Today, Zashi CrossPay brings Zcash’s mathematically provable, best-in-class privacy to crypto payments across blockchains. Anyone holding shielded ZEC can now send payments priv...
We’ve just shipped the first feature in the Zashi–NEAR integration: a private, decentralized off-ramp for shielded ZEC. Starting today, you can swap shielded ZEC to any NEAR-sup...
Zashi just expanded its Tor network integration, and it’s yet another quiet game-changer for the privacy-conscious Zcash users. Previously, Tor support in Zashi was limited to f...
ECC is committed to deliver digital cash through privacy protocol (Zcash) and product innovation. We believe this is the best strategy to support our mission of economic freedom...
Why release a transparency report? Electric Coin Co. (ECC) is committed to openness and transparency — as we help evolve and support the Zcash digital currency, and in support o...
In today’s world, consumer privacy is often promised but rarely delivered. In crypto conversations, terms like “private,” “anonymous,” and “pseudonymous” are used interchangeabl...
Zcash was built to give people the power to transact freely. Privacy and self-sovereignty are at the heart of that mission. Now, through the Maya Protocol integration, Zcash unl...
Zcash exposure calculator
Adjust quantities or use quick-add chips to calculate direct & institutional Zcash exposure:
Total Zcash exposure
Spot: $1,242.47
0.00 ZEC
Extrapolating MicroStrategy’s empirical mNAV trajectory (0.7x–4.0x) onto Cypherpunk Technologies. Simulate implied share prices as corporate ZEC treasury accumulation and spot prices scale.
MSTR median mNAV
1.65x
MSTR bear trough
0.96x
MSTR bull peak
3.96x
CYPH current diluted
1.05x
Implied CYPH share price
$3.19 USD
Implied market cap
$544.5M
188.6M diluted shares
Implied upside / (downside)
+31.8%
vs $2.42 current price