Zcash Price Surges as Cypherpunk Technologies Expands Treasury Holdings
Zcash (ZEC), a privacy-focused fork of Bitcoin known for its shielded transactions via zero-knowledge proofs, has seen its price rise 31% over the last week, trading near $626. The cryptocurrency is up 125% in 30 days and more than 15 times its value since early September, with intramonth trading above $700, though it remains volatile compared to its all-time high of $3,191 in 2016.
Cypherpunk Technologies (Nasdaq: CYPH) has significantly increased its Zcash holdings, purchasing an additional 29,869.29 ZEC for $18 million at an average price of $602.63 per coin. This purchase adds to its initial acquisition of 203,775.27 ZEC for $50 million, bringing total holdings to 233,644.56 ZEC at an average price of $291.04. These holdings represent 1.43% of the total ZEC supply.
Earlier this month, Cypherpunk Technologies launched its Zcash treasury with backing from Winklevoss Capital. The company's leadership expanded with the addition of Will McEvoy as chief investment officer and Khing Oei joining the board. Following these developments and the treasury expansion, Cypherpunk Technologies' stock price rose about 6% in one day and has achieved a one-month gain near 469%, reflecting boosted investor sentiment.
Analysts attribute the surge in Zcash's price partly to Bitcoin’s growing mainstream profile and renewed interest from Wall Street investors. This has driven investors toward privacy coins like Zcash that are perceived as less traceable, embodying an 'encrypted Bitcoin' thesis.
