Quick Take
  • Zcash is trading at $460-472 following wild volatility that saw the token surge to $723 before plunging 37% to current levels.
  • Leadership changes come along with this rebrand, with Khing Oei appointed Chairman and Will McEvoy from Winklevoss Capital becoming Chief Investment Officer.
  • Oei founded Treasury, a Netherlands Bitcoin company that raised $147 million in September through Winklevoss Capital and Nakamoto Holdings.
  • Galaxy Digital analyst Will Owens recently pointed out that Zcash is gaining traction as a Bitcoin alternative amid concerns about on-chain surveillance.

What Happened

Earlier today, the Winklevoss twins launched the world’s first Digital Asset Treasury focused on ZEC through newly rebranded Cypherpunk Technologies, formerly Nasdaq-listed Leap Therapeutics.

Leadership changes come along with this rebrand, with Khing Oei appointed Chairman and Will McEvoy from Winklevoss Capital becoming Chief Investment Officer.

McEvoy noted other crypto treasuries faltered under “short-term, mercenary capital,” while Cypherpunk built a “value-aligned” investor base focused on long-term privacy importance for the United States and world.

Market Context

Zcash is trading at $460-472 following wild volatility that saw the token surge to $723 before plunging 37% to current levels.

The Cambridge biotechnology firm secured a $58.88 million private placement led by Winklevoss Capital, immediately deploying $50 million to purchase 203,775 ZEC at an average price of $245.

Oei founded Treasury, a Netherlands Bitcoin company that raised $147 million in September through Winklevoss Capital and Nakamoto Holdings.

The structure suggests a potential new five-wave impulse, beginning with the current price sitting between 0.618 and 0.5 Fibonacci retracement levels at $483-$524, common areas for wave transitions.

Zooming in closer, the one-hour charts reveal a descending trendline resistance converging with an ascending support, creating a compression apex around the current price.

Volume profile shows concentration around $480-520, suggesting a high-conviction zone.

Why It Matters

Earlier today, BitMEX co-founder Arthur Hayes also warned ZEC holders to withdraw tokens from centralized exchanges or risk losing privacy protections.

Details

Cypherpunk joins corporate treasury strategies by following Strategy’s Bitcoin playbook, but focuses on Zcash’s zero-knowledge proofs, which verify transactions without revealing wallet addresses or amounts.

Privacy Demand Accelerates Institutional Adoption

Galaxy Digital analyst Will Owens recently pointed out that Zcash is gaining traction as a Bitcoin alternative amid concerns about on-chain surveillance.

Owens described ZEC as “encrypted Bitcoin,” representing a return to cypherpunk principles that resonate during widespread surveillance.

Amidst this booming adoption of privacy coins, A16z’s report recently documented a return to mainstream privacy adoption, with Google searches for crypto privacy surging in 2025.

Zcash’s shielded pool supply has grown to nearly 4 million ZEC, while Railgun’s transaction flows have surpassed $200 million per month.

Hayes emphasized that shielded addresses enable transaction obscurity that centralized custody undermines.

Zcash surged nearly tenfold in two months before peaking near $735 on Friday, triggering $51 million short liquidations.

The token remains 85% below the 2016 high of $3,191 despite a recent explosive rally.

Analysts previously cautioned about overheating, with the RSI reaching overbought levels following a 1,700% rally since September.

Elliott Wave Structure Tests Support – What Happens to ZEC Next?

On the technical level, two-hour charts display a completed five-wave impulse from $300 to $750, followed by a three-wave ABC correction down to $429.

RSI at 39.07 indicates oversold conditions following a correction, potentially supporting a bullish wave count if ZEC has completed its corrective structure.

Currently, Elliott Wave projection targets $1,000, representing a 112% gain from current levels if the count validates.