What happened with the Zcash whale tracked by Arkham?

Blockchain analytics firm Arkham identified a wallet that turned a $15.85 million investment in Zcash (ZEC) into more than $150 million within about a year. The investor bought 265,018 ZEC in December 2024 and benefited from the cryptocurrency's strong rally in 2026.

How did the Zcash whale make more than $150 million?

The investor accumulated ZEC when it traded near $60 and held through significant volatility. As Zcash surged above $500 during the 2026 privacy coin rally, the value of the holdings increased dramatically, resulting in combined realised and unrealised gains exceeding $148 million.

How much ZEC does the whale still own?

According to Arkham, the wallet still holds approximately 230,100 ZEC worth around $126 million at current prices. The investor has already sold part of the position, generating roughly $22.61 million in realised profits.

Did the investor hold through major losses?

Yes. The position reportedly suffered a drawdown of more than 50% during 2025, temporarily wiping out about $8.6 million in paper gains. The investor continued holding despite the decline and later benefited from the recovery.

Why did Zcash (ZEC) rally so strongly in 2026?

The rally was driven by renewed investor interest in privacy-focused cryptocurrencies and optimism surrounding a proposed spot Zcash ETF from Grayscale. Growing attention on financial privacy and shielded transactions also boosted sentiment toward ZEC.

Zcash is a privacy-focused cryptocurrency that allows users to shield transaction information using advanced cryptography. Its privacy features distinguish it from more transparent blockchains such as Bitcoin.

What does this trade tell investors about high-conviction crypto investing?

The trade demonstrates how large gains can come from identifying undervalued assets and maintaining conviction during market downturns. However, it also highlights the risks, as the position experienced a 50% decline before recovering.

Is the wallet owned by Helius Labs co-founder Mert Mumtaz?

There is speculation that the wallet belongs to Mert Mumtaz, a well-known Zcash supporter. However, neither Arkham nor Mumtaz has confirmed the claim, and the wallet's ownership remains unverified.

Image for illustrative purposes only. Not a real photo.

Zcash whale turns $15.8M into $150M

Written by Mahathir BayenaPublished May. 29 2026Last Updated May. 29 2026

A Zcash investor turned a $15.85 million position into more than $150 million after accumulating 265,018 ZEC in December 2024 and holding through a volatile market cycle, according to blockchain analytics firm Arkham.

The whale purchased the tokens when Zcash traded near $60 and remained largely overlooked by investors, before the position briefly lost more than half its value during a sharp drawdown in 2025.

“He made over $150M in a year. How? ZEC,”

Arkham said while highlighting the trade on social media.

The investor began taking profits in January 2025 and completed eight separate sales through November, generating roughly $22.61 million while retaining the majority of the position.

The wallet still holds around 230,100 ZEC valued at approximately $126 million, bringing the combined realised and unrealised gains to more than $148 million at current market prices.

The trade coincided with a resurgence in privacy-focused cryptocurrencies during 2026, helped by growing interest in shielded transactions and optimism surrounding a proposed spot Zcash exchange-traded fund from Grayscale.

Speculation has emerged that the wallet may belong to Mert Mumtaz, a long-time Zcash supporter, though neither Arkham nor Mumtaz has confirmed the attribution and the wallet’s ownership remains unverified.

At the time of reporting, Zcash price was $545.22.