A Zcash whale turned an initial $15.85 million investment into roughly $148.6 million over the course of about a year and a half, according to blockchain analytics firm Arkham. The firm identified the trade on May 28, showing a single address that bought 265,018 ZEC when the token traded near $60 on December 30, 2024. The whale still holds 230,100 ZEC worth about $126 million at current prices — with ZEC at $548.78 — plus $22.61 million in realized profits from partial sales.
From $60 to $548: The trade timeline
The whale's timing was almost perfect. They bought at the bottom of ZEC's 2024 bearish stretch, then watched the position drop more than 50% during 2025 — erasing roughly $8.6 million in paper value before the recovery kicked in. Between January 2025 and late November, they sold 54,718 ZEC across eight transactions, pocketing $22.61 million. That left them with a massive core position that has since exploded in value as ZEC surged past $700 earlier this month before settling back to $548.78.
Arkham noted the whale 'made over $150M in a year' via ZEC. The total — current holdings plus realized profits — comes to about $148.6 million.
What fueled Zcash's 2026 surge
Zcash is having a moment. The privacy-focused cryptocurrency has seen a sharp rally in 2026, driven by renewed interest in privacy assets and a major institutional catalyst: Grayscale filed for a spot Zcash ETF earlier this month. That filing — the first of its kind for a privacy coin — has drawn attention to ZEC as a potential institutional-grade asset, even as regulators remain wary of anonymity features.
The whale's trade benefited directly from that narrative shift. What looked like a paper loss in 2025 turned into a nine-figure windfall as the ETF news broke and buying pressure built.
Who is behind the wallet?
No one knows for sure. Arkham did not name the owner, but speculation has centered on Helius Labs co-founder Mert Mumtaz, a known Zcash advocate. Mumtaz has publicly supported ZEC for years, and the size of the position matches what a well-funded individual or institution might hold. But the link is unverified — Arkham hasn't confirmed it, and Mumtaz hasn't claimed the wallet.
That leaves the identity as an open question. The trade itself is real, but who executed it remains the kind of mystery crypto loves.
Where ZEC stands now
ZEC traded at $548.78 at the time of reporting, down 0.82% over 24 hours, after hitting a recent peak above $700. The pullback is modest compared to the longer-term run. The Grayscale ETF filing is still pending regulatory review, and no decision timeline has been announced. If approved, it could bring another wave of demand. If denied, the whale's position — and everyone else's — could face a correction.
For now, the trade stands as one of the biggest single-address wins in crypto this year. The next concrete event to watch is the SEC's response to the Grayscale filing, expected sometime in late 2026.
