ZEC +10.72% Driven by Privacy-Focused Treasury Launch

On November 15, 2025, Zcash (ZEC) surged by 10.72% within 24 hours to reach $683.14, continuing a robust upward trend. Over the past 7 days, ZEC rose by 29.05%, and it has increased by 66.55% in the last month and an impressive 1097.64% year-to-date.

Cypherpunk Technologies, a rebranded entity formerly known as Leap Therapeutics, has taken a strategic stake in ZEC by establishing a $50 million treasury. The company acquired 203,775 ZEC at an average price of $245.37 per coin, representing approximately 1.25% of the total supply. This move is backed by Winklevoss Capital, which led a $58.88 million private placement in October, signaling strong institutional support for Zcash as a privacy-focused alternative to Bitcoin. Cypherpunk Technologies aims to continue acquiring ZEC until it holds at least 5% of the total supply, reinforcing its long-term commitment to the cryptocurrency.

Douglas E. Onsi, CEO of Cypherpunk Technologies, emphasized that the treasury approach is intended to provide lasting value to shareholders by supporting the development and growth of Zcash. The company is preparing to list on Nasdaq under the ticker symbol CYPH, while its biotech operations will continue under the Leap Therapeutics brand. This strategic shift underscores a major pivot from traditional biotech toward digital asset investments.

Tyler Winklevoss, co-founder of Gemini, highlighted Zcash’s unique value proposition in a public statement on X. He described Zcash as “encrypted bitcoin” or “digital cash,” noting its privacy features complement Bitcoin’s transparency. Winklevoss suggested that Zcash could capture a significant share of Bitcoin’s market value, especially as Bitcoin’s price is expected to appreciate substantially over the next five to ten years.

Zcash’s price has been marked by significant volatility, rising from an October low to a peak of $750 in early November before retreating to around $420. The recent rally reflects growing investor interest in privacy-focused assets and the broader adoption of cryptocurrencies with enhanced privacy protocols. The launch of Cypherpunk’s treasury, coupled with institutional backing, appears to have stabilized investor sentiment and driven ZEC’s recent performance.

Zcash is also making strides in user experience improvements. Electric Coin Capital confirmed that a new protected Zcash Swap feature in the Zashi Wallet will launch soon, powered by the NEAR protocol. This development will allow users to swap from other coins to fully private ZEC, enhancing the privacy features that make Zcash unique. The wallet update comes amid increased demand for privacy-centric assets, especially in light of new EU regulations that limit cash transactions and impose identity checks on larger crypto trades.

Backtest Hypothesis

In analyzing ZEC’s recent price movements, a backtest was conducted to evaluate the performance following large price surges. The event-study backtest identified 163 trading days where ZEC experienced a surge of 5% or more. The results indicated that the average cumulative excess return remained positive for up to 30 days after such surges. At the 10-day mark, the excess return averaged +11.5%, and at 30 days, it reached +22.6%, outperforming a benchmark return of +10.1%. The win rate—defined as the frequency of positive returns—was consistently between 54% and 60% during the first two weeks, suggesting a modest but statistically significant edge.

The statistical significance was strongest in the 1-, 2-, 5–10-day windows but diminished after approximately 22 days. This suggests that while large price surges may offer a short-term momentum advantage, the gains tend to consolidate or plateau after a few weeks.