Blockchain analytics firm Arkham tracked a Zcash (ZEC) whale that turned $15.85 million into $126 million. The position survived a 50% drawdown ahead of the privacy coin’s rally in 2026.
The wallet generated approximately $22.61 million in profits while still holding 230,100 ZEC. Arkham revealed the deal on May 28, sparking speculation about the identity of the buyer.
Condemnation bet on quiet assets
The whale acquired 265,018 ZEC for $15.85 million on December 30, 2024. ZEC was trading near $60 at the time and attracted limited attention from investors. ZEC is currently trading at $548.78, down 0.82% over 24 hours.
The position then declined more than 50% through 2025. A brief drawdown wiped out about $8.6 million in paper value before the recovery began.
“He made over $150 million in one year. How? ZEC,” Arkham male.
Partial profit taking began in January 2025 and continued until late November. Eight sales totaled 54,718 ZEC for a combined $22.61 million.
The remaining 230,100 ZECs are worth about $126 million today. Trade fits a broader pattern of Zcash whale buying activity Tracking until 2025.
The return of the privacy coin fuels the win
The trade benefited from the Zcash boom in 2026, driven by renewed interest in the privacy asset. Grayscale introduced to Spot Zcash ETF Earlier this month. The catalyst pushed ZEC to a recent peak above $700.
Speculation suggests that the wallet is owned by Helius Labs co-founder Mert Mumtaz, A Longtime Zcash advocate And the overall champion of the network.
Mumtaz did not address these speculations directly.
“He didn’t actually sell ZEC because he was desperate to checkmate hl,” Mert said I chimed in.
Arkham has not confirmed her identity, and her attribution has not yet been verified.
Whether the portfolio reaches a nine-figure realized total may depend on ZEC maintaining its current gains.
Grayscale and continuous resolution Growth of protected supply It will be the next phase of the Privacy Network.
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