Key Insights

• Zcash Foundation reports over $36 million in ZEC-dominated treasury.
• The foundation highlights the Q1 win, noting regulatory clarity, as ZEC soars close to a record high.
• The Zcash Foundation focused on improving the Zebra node, among other network upgrades, in Q1.

Zcash Foundation disclosed that it held roughly $36.6 million in treasury reserves at the end of the first quarter, with most holdings denominated in ZEC.

According to the nonprofit’s latest quarterly report, the organization controlled 85,412.34 ZEC worth more than $21 million as of March 31, 2026. The treasury also included Bitcoin, Ether, and USDC reserves.

The report showed that operating expenses remained relatively controlled during the quarter. Total spending reached about $817,618 across compensation, grants, infrastructure work, and community programs.

The report also highlighted the Securities and Exchange Commission (SEC) ‘s decision to drop its investigation. The SEC concluded the investigation, which started in 2023, without recommending an enforcement action.

At the time, the non-profit had described the outcome as proof of its commitment to transparency and compliance with regulations.

While the regulator did not give a reason for dropping the investigation, it was in line with how the SEC had handled most crypto-related cases initiated by the Gary Gensler administration.

Still, Zcash Network remains in a class of its own due to its status as a privacy network. Privacy coins remain controversial in the US due to concerns about their untraceability and potential use for illicit activity.

Interestingly, ZEC is now trading near its all-time high after falling as low as $210 in late Q1. With a 112% gain over the past three months, the token’s value has risen to $572.

While this is still far from its all-time high of $5,941, it is close to last year’s peak, which was around $700. The token’s performance has been standout over the past week, as it mostly maintained positive momentum and gained while the rest of the market tanked.

Zcash Foundation Double Down on Infrastructure Upgrade in Q1

Meanwhile, Q1 was a momentous period for the Zcash network due to controversy surrounding the Zcash Foundation and Electric Coin Company (ECC), a key developer of the network.

All employees of ECC, led by former CEO Josh Swihart, left the team after disagreements with Bootstrap, a Zcash-focused nonprofit. Although the controversy caused ZEC to drop by 18%, it did not stop the team from shipping.

The Foundation noted that the network remained stable despite the controversy and actually focused on several upgrades. It deployed three versions of the Zebra, improving correctness and addressing identified vulnerabilities.

It also redesigned the Z3 stack and added defensive fixes to FROST, showing that the infrastructure upgrade continued even with the limited team.

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