Zcash (ZEC) shot up about 10% to roughly $580 this week after the SEC closed its long-running investigation into the Zcash Foundation — and the foundation's Q1 2026 report dropped a $36.7 million treasury number that gave investors something to chew on.
The SEC's decision
The probe, launched back on August 31, 2023, wrapped up in January 2026. The SEC told the foundation it wouldn't recommend enforcement action, penalties, or any required changes. That's a clean exit after more than two years of uncertainty hanging over the privacy-focused project.
It's not just Zcash getting that treatment. Since 2025, the SEC has closed investigations into Aave, OpenSea, Robinhood, Gemini, and Ondo without filing charges. The pattern suggests a broader shift in how the agency approaches crypto enforcement — less scorched earth, more close-without-action.
Treasury runway
The Q1 report shows a $36.7 million war chest. Of that, 58.6% is held in ZEC, with the rest in Bitcoin, USD reserves, and a small ETH position. Average monthly operating expenses run about $272,500, giving the foundation a multi-year runway to keep funding engineering work.
That's notable because the Electric Coin Company has seen staff exits. The foundation says operations and privacy work haven't been affected.
Governance shake-up
Most of the Bootstrap board — Zaki Manian, Christina Garman, Alan Fairless, Michelle Lai — left over a governance dispute. The foundation acknowledged the departures but stressed that day-to-day operations and the privacy mission remain unchanged. No impact on the treasury or the SEC outcome, apparently.
The market clearly welcomed both the regulatory closure and the financial transparency. ZEC's 10% gain is the kind of move people notice when a project has been under a cloud for years. Now the question is whether the foundation can keep spending wisely and keep the dev pipeline moving without the old board in place.
