The crypto VC’s co-founder said the firm has been buying ZEC since February, and has “built a significant position.”
Zcash (ZEC) rallied over 30% to become today’s top gainer after crypto-focused venture capital firm Multicoin revealed that it’s been accumulating the privacy coin for the past three months.
The VC firm’s co-founder and managing partner Tushar Jain wrote in an X post on May 5 that the firm has acquired “a significant position in ZEC since February.”
ZEC is currently trading around $575, up over 32% in the past 24 hours to reach its highest level since November. The rally pushed ZEC to the top 24-hour gainer spot among the top-100 cryptocurrencies on CoinGecko.
In yesterday’s X post, Jain wrote that the firm’s thesis for investing in Zcash lies in the asset’s focus on privacy and representation of “the cypherpunk ideals crypto was founded on.”
“We believe that truly private, censorship and seizure resistant assets have clear product-market fit and demand is accelerating. We believe $ZEC is the cleanest way to express this thesis in public markets,” Jain wrote.
ZEC saw a massive and extended rally that lifted other privacy-focused assets in the second half of last year. The rally began in late September, shortly before the Winklevoss brothers revealed their dedicated ZEC digital asset treasury company, Cypherpunk (Nasdaq: CYPH), which had already accumulated over 200,000 ZEC by its public launch.
The DAT made another purchase in late 2025, and a smaller one in March, bringing its total holdings to over 294,700 ZEC, worth just under $170 million at press time. CYPH rallied over 7% today, per Yahoo Finance.
Zcash had a turbulent start to the year when a governance dispute resulted in the core development team and leadership exiting Electric Coin Capital, the firm previously responsibly for Zcash’s development.
The coin tumbled as low as $200 in February and March, but began its recovery after its new development company, Zcash Open Development Lab — formed by the same team from ECC — announced in March that it had raised $25 million in a seed round with participation from major VC firms and angel investors, including Winklevoss Capital and Cypherpunk Technologies, but, notably, not Multicoin.
