BitMEX co-founder Arthur Hayes has revealed that Zcash (ZEC) has become the second-largest holding in his family office, Maelstrom, surpassed only by Bitcoin.
“Due to the rapid ascent in price, ZEC is now the 2nd largest liquid holding in the MaelstromFund portfolio behind BTC,” Hayes wrote in a Friday post on X.
The announcement follows a massive surge in Zcash’s price, which has soared from around $137 to over $730 within a month — a gain of more than 400%.
Other privacy-focused cryptocurrencies have also rallied strongly, with Dash, Decred, and ZKsync each posting gains exceeding 100% over the week. In contrast, major assets like Bitcoin and Ethereum have remained relatively range-bound amid continued market uncertainty.
Zcash Pulls Back After Rally
As of now, ZEC is trading around $548 — down about 11.8% over the past 24 hours — giving it a market capitalization of approximately $8.9 billion, according to CoinMarketCap. Trading activity remains robust, with 24-hour volume up 139% to $4.63 billion, reflecting strong investor interest despite the short-term correction.
Zcash currently has a circulating supply of 16.28 million ZEC, with a maximum cap set at 21 million. Its fully diluted valuation (FDV) stands at approximately $11.5 billion.
The project’s hybrid transaction model — supporting both transparent and shielded transfers — has contributed to its appeal among privacy-conscious users. Similar to Bitcoin, Zcash maintains a fixed supply of 21 million coins and operates on a proof-of-work (PoW) consensus mechanism, ensuring both scarcity and network security.
Zcash’s Comeback Fueled by the Privacy Movement
According to Zcash Foundation Executive Director Alex Bornstein, the cryptocurrency’s recent resurgence has been entirely organic, driven by growing public concerns over surveillance and data control. Speaking on Cointelegraph’s Chain Reaction podcast, Bornstein said the renewed enthusiasm around Zcash reflects a “powerful narrative” centered on digital privacy and financial freedom.
Bornstein emphasized that the Zcash Foundation, a U.S.-registered nonprofit, played no direct role in sparking the latest wave of attention. “We were surprised to see when these mentions started popping up — and then to see that kind of wave spread and crest was extraordinary,” he said.
