Zcash whale turns $15.8M buy into $126M holding

A single Zcash wallet bought 265,018 ZEC for $15.85 million on Dec. 30, 2024 and, after partial sales in 2025, still holds 230,100 ZEC now valued at roughly $126 million, according to blockchain analytics firm Arkham. The wallet realized about $22.61 million from sales that took place between January and late November 2025.

Arkham reported the coins were acquired when ZEC traded near $60 and drew limited market attention. The position experienced a drawdown of more than 50% during 2025 that temporarily eliminated about $8.6 million in paper value before prices recovered. Partial profit-taking began in January 2025; Arkham recorded eight sales totaling 54,718 ZEC for $22.61 million.

The analytics firm flagged the trade publicly on May 28 and highlighted the magnitude of the return, writing, “He made over $150M in a year. How? ZEC.” Arkham did not identify an individual or entity behind the wallet.

ZEC’s price rose sharply in 2026 amid renewed interest in privacy-focused cryptocurrencies. A Grayscale filing for a spot Zcash ETF earlier in May 2026 coincided with a peak above $700 for ZEC; at the time Arkham published its analysis the token was trading around $548.78.

Online commentary has linked the wallet to Mert Mumtaz, co-founder of Helius Labs and a known Zcash advocate. Arkham has not confirmed that attribution. In an online remark cited by observers, Mumtaz wrote, “He didn’t actually sell ZEC because he was just longing on hl checkmate,” a comment that has not been presented as formal confirmation.

Analysts and traders point to the outcome of the Grayscale filing, continued growth in Zcash’s shielded supply, and investor demand for privacy coins as factors that could affect the wallet’s potential to convert its current holding into a realized nine-figure profit.