Macro supply absorption
(21M max cap scarcity)
Circulating: 16,916,386 ZEC
Corporate treasuries:
908,864 ZEC (5.37%)
Shielded supply:
5,038,644 ZEC (29.79%)
Liquid public float:
10,968,878 ZEC (64.84%)
Corporate Treasuries & Public Equities
$2.57
-14.9% (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
$367.5M
Avg. purchase price
Avg: $335.89
Unrealized P&L
+225.9%
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 ↗).
1.58x
Diluted mNAV
Diluted mNAV takes the maximum potential dilution with the 333,340,000 share count.
2.33x
$3.02
-5.0% (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
$12.1M
Exchange-Traded Products & Funds (ETFs / ETPs)
$30.53
-7.0% (24h)
ZEC holdings
Holdings directly reported via the fund website: thezcashetf.com
556,057
ZEC
Fund AUM
$608.7M
mNAV
Current market price relative to underlying net asset value per share.
1.05x
Zcash per share
0.026634 ZEC
14d avg daily inflows
+$-8.2M/day
Launch date
Conversion of the Zcash Trust which was started on October 23, 2017
25/08/2026
$15.26
+0.0% (24h)
ZEC holdings
984.96
ZEC
Fund AUM
$1.1M
mNAV
1.06x
Zcash per share
0.013133 ZEC
14d avg daily inflows
+$-8.19M/day
Launch date
21/09/2026
SEK 118.45
+0.0% (24h)
ZEC holdings
752.49
ZEC
Fund AUM
$0.9M
mNAV
1.00x
Zcash per share
0.009971 ZEC
Management fee
1.90% p.a.
Launch date
28/09/2026
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.
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...
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.
Official SEC Edgar filing accession #0001193125-26-414323. Form type: 424B3.
Official SEC Edgar filing accession #0001193125-26-414257. Form type: 8-K.
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.
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.
Official SEC Edgar filing accession #0001104659-26-111063. Form type: 4.
Official SEC Edgar filing accession #0001104659-26-111061. Form type: 4.
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.
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 ...
Official SEC Edgar filing accession #0001104659-26-109463. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-101858. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-101139. Form type: DEFA14A.
Official SEC Edgar filing accession #0001193125-26-395068. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-101016. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100755. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100752. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-100572. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100189. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100185. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-100161. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-099739. Form type: DEFA14A.
Official SEC Edgar filing accession #0001437749-26-030319. Form type: 10-Q.
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...
Official SEC Edgar filing accession #0001213900-26-098975. Form type: DEFA14A.
SEC filing citing Zcash (ZEC). Accession #0001213900-26-099328. Form type: S-1/A.
Official SEC Edgar filing accession #0001213900-26-098852. Form type: DEFA14A.
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...
Official SEC Edgar filing accession #0001193125-26-385317. Form type: 8-K.
Official SEC Edgar filing accession #0001104659-26-104753. Form type: 8-K.
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.
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.
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.
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.
The Nasdaq-listed privacy firm launched Cypherpunk Mining through a $33.33 million equity deal with Winklevoss Capital, adding roughly 18% of the Zcash network's hashrate to acc...
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...
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.
Official SEC Edgar filing accession #0001104659-26-094449. Form type: 10-Q.
Official SEC Edgar filing accession #0001104659-26-094445. Form type: 8-K.
SEC filing citing Zcash (ZEC). Accession #0001193125-26-342985. Form type: S-3/A.
Zebra 6.3.0: Sync and Peer-Scoring Security Fixes and New Node Reporting Today we are releasing Zebra 6.3.0 as a recommended security release. It resolves four security advisori...
The Zcash Foundation is committed to transparency and openness with the Zcash community and our other stakeholders. Today, we are releasing our Q2 2026 report, which provides an...
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.
Company believes proposed Fortitude Mining Holdings business combination represents a significant value creation opportunity for the Company’s shareholders Fiscal 2026 saw the f...
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.
Zebra 6.2.3: Peer Connectivity Hardening This is an optional release with a set of peer connectivity improvements. It is targeted at operators who see issues with their node’s p...
SEC filing citing Zcash (ZEC). Accession #0001213900-26-081379. Form type: S-1/A.
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.
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.
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...
Cypherpunk Technologies shares tumbled to their lowest point since March as jitters tied to a Zcash bug knocked the Winklevoss-backed firm.
Official SEC Edgar filing accession #0001193125-26-214629. Form type: 10-Q.
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...
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: $1,094.74
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