Blockchain analytics firm Arkham has tracked a Zcash (ZEC) whale who turned $15.85 million into $126 million. The position survived a 50% drawdown before 2026’s privacy coin rally.
The wallet has realized roughly $22.61 million in profits while still holding 230,100 ZEC. Arkham revealed the trade on May 28, sparking speculation about the buyer’s identity.
A Conviction Bet on a Quiet Asset
The whale acquired 265,018 ZEC for $15.85 million on December 30, 2024. ZEC traded near $60 at the time and drew limited investor attention. ZEC currently trades at $548.78, down 0.82% over 24 hours.
The position then dropped more than 50% during 2025. The drawdown briefly erased about $8.6 million in paper value before the recovery began.
“He made over $150M in a year. How? ZEC,” Arkham noted.
Partial profit-taking started in January 2025 and ran through late November. Eight sales totaled 54,718 ZEC for $22.61 million combined.
The remaining 230,100 ZEC are worth roughly $126 million today. The trade fits a broader pattern of Zcash whale buying activity tracked through 2025.
Privacy Coin Resurgence Fuels the Win
The trade rode Zcash’s 2026 surge, driven by renewed interest in privacy assets. Grayscale filed for a spot Zcash ETF earlier this month. The catalyst pushed ZEC to a recent peak above $700.
Speculation is that the wallet belongs to Helius Labs co-founder Mert Mumtaz, a long-standing Zcash advocate and public champion of the network.
Mumtaz has not addressed the speculation directly.
“He didn’t actually sell ZEC because he was just longing on hl checkmate,” Mert chimed.
Arkham has not confirmed the identity, and the attribution remains unverified.
Whether the wallet reaches a nine-figure realized total may depend on ZEC holding its current gains.
The Grayscale decision and continuing shielded supply growth will shape the next phase for the privacy network.