Zcash has plummeted over 50% since the last purchase by Cypherpunk, and DAT has not increased its holdings

Zcash (ZEC) has plummeted about 60% since its peak in November 2025, while Cypherpunk Technologies, the treasury company for the Zcash digital asset supported by the Winklevoss brothers, has stopped increasing its holdings since its last disclosure of purchasing ZEC on December 30 last year. The company was established in November 2025 and currently holds 290,062.67 ZEC, accounting for approximately 1.76% of the total supply, with a goal of holding 5%.

Since the last purchase, the price of ZEC has dropped over 50%, currently trading at around $245. Based on an average purchase price of $334, Cypherpunk has an unrealized loss of $25.73 million, a decline of 26.5%. ZEC started its upward trend at the end of September last year, reaching as high as $700 in mid-November, but has since given back most of its gains.

In contrast, other major DAOs are still actively increasing their holdings. Michael Saylor's Strategy has made 5 Bitcoin purchases in 2026, despite an unrealized loss of $4.36 billion. Tom Lee's BitMine has also made the same number of ETH purchases this year, with unrealized losses reaching $6 billion this week.