Zcash Slides 60% as Treasury Buying Pauses and Cypherpunk’s Losses Mount
Zcash has entered a prolonged pullback after a strong run 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 paper losses.

In brief
- ZEC has fallen about 60% since November after reversing a late-2025 rally that pushed prices near $700.
- Cypherpunk paused Zcash accumulation after its last December purchase, holding roughly 1.76% of total supply.
- At current prices, Cypherpunk’s Zcash treasury position shows an unrealized loss of about $25.7 million.
- While Zcash struggles, the Bitcoin and Ethereum treasuries keep buying despite billions in unrealized losses.
ZEC Down 60% From Peak as Accumulation Pauses
Zcash (ZEC) is down about 60% from its November peak, extending a decline that began in early December. After rallying through the fall and reaching roughly $700 in mid-November, the privacy-focused token reversed course and gave back much of its fourth-quarter gains. Still, prices remain nearly 400% above levels seen before the rally began in late September.
Selling pressure picked up soon after the Winklevoss-backed treasury firm Cypherpunk Technologies last disclosed a ZEC purchase. Launched in November as a Zcash-focused digital asset treasury, the company reported its third and most recent buy on December 30. That transaction lifted total holdings to 290,062.67 ZEC, according to company statements.

Since that update, spot prices have dropped more than 50%. Data from CoinGecko shows no change in Cypherpunk’s ZEC balance, suggesting accumulation has paused. Holdings now equal about 1.76% of Zcash’s total supply, even though the firm has said it plans to reach a 5% stake over time.
Zcash Slide Leaves Cypherpunk Down 26% on Treasury Holdings
At current prices near $245, Cypherpunk sits on a sizable unrealized loss. The average purchase cost stands near $334 per coin, leaving the position down roughly $25.73 million, or 26.5%.
Key points around Cypherpunk’s Zcash position include:
- The last reported purchase occurred on Dec. 30, 2025.
- Total holdings remain at 290,062.67 ZEC.
- Accumulation paused after reaching about 1.76% of supply.
- The target ownership level remains 5% of total ZEC.

Equity markets have also reacted. Cypherpunk shares have fallen close to 40% over the past month. Even so, prices remain more than double November levels, before the firm rebranded from Leap Therapeutics, Inc. into a Zcash-focused treasury vehicle, according to Google Finance.
Other digital asset treasuries continue to buy at a faster pace. Michael Saylor’s firm, Strategy, has added Bitcoin almost weekly for more than a year. Despite unrealized losses near $4.36 billion, Strategy has completed five Bitcoin purchases so far in 2026. Meanwhile, BitMine, led by Tom Lee, has matched that pace in Ethereum buys, even as paper losses have reached about $6 billion.
Pressure has also spread to the broader Winklevoss crypto empire. Gemini announced plans to cut roughly 25% of its remaining staff and exit several overseas markets, choosing to focus on operations in the United States amid ongoing market stress.
Maximize your Cointribune 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.
James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.