BitMEX co-founder Arthur Hayes has revealed that Zcash (ZEC) is now the second-largest holding in his Maelstrom family office, behind only Bitcoin (BTC).
“Due to the rapid price increase, ZEC is now the second largest *LIQUID* holding in the MaelstromFund portfolio behind BTC,” he wrote in a Friday post on X.
The disclosure comes amid a strong rally in Zcash, which has risen from a low of $137 to over $730 in the past month, representing an increase of over 400%.
Other privacy coins have also posted strong weekly gains, with Dash (DASH), Decred (DCR), and ZKsync (ZK) gaining over 100%. However, major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have remained range-bound amid broader market uncertainty.
Related: Zcash Knocks on Door of Top 10 Cryptocurrencies as Market Cap Surpasses $10.6 Billion
Zcash drops 12% after massive rally
At the time of writing, ZEC is trading at $548, down around 11.8% in the last 24 hours, with a market capitalization of $8.9 billion, according to CoinMarketCap. Trading activity remains high, with 24-hour volume increasing 139% to $4.63 billion.
The circulating supply of Zcash is 16.28 million ZEC, with a maximum supply limit of 21 million. The fully diluted valuation (FDV) of the token is around $11.5 billion.
Zcash’s hybrid model, which supports both transparent and secured transactions, has made it a more acceptable option. Like Bitcoin, it has a fixed supply of 21 million coins and is protected by a proof-of-work (PoW) mechanism.
Related: The truth behind the return of privacy-focused protocol Zcash in 2025
Zcash’s comeback fueled by grassroots privacy movement
Zcash Foundation CEO Alex Bornstein said Zcash’s recent resurgence has been completely organic, driven by growing public concern over government surveillance and data control. Speaking on Cointelegraph’s Chain Reaction show, Bornstein noted that the renewed interest reflects a “powerful narrative” around digital privacy and financial autonomy.
Bornstein clarified that the Zcash Foundation, a US-registered nonprofit, had “absolutely nothing to do” with the wave of renewed attention surrounding ZEC. “We were surprised to see when these mentions started appearing. Then to see that kind of wave start to spread and then peak was extraordinary,” he said.
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