Zcash Whale Turns $15.8M Stake Into $150M-Plus Holding

Blockchain analytics firm Arkham tracked a single wallet that bought 265,018 ZEC for $15.85 million on Dec. 30, 2024 and disclosed the position on May 28. The wallet has realized $22.61 million in sales and continues to hold a large ZEC balance after the 2026 price rise.

Arkham’s on-chain analysis shows the buyer acquired the coins when ZEC traded near $60. The position suffered a drawdown of more than 50% during 2025, briefly erasing about $8.6 million in paper value. Partial profit-taking began in January 2025 and continued through late November of that year.

The wallet executed eight sales that together moved 54,718 ZEC for a combined $22.61 million. At recent prices the remaining 230,100 ZEC are valued at about $126 million. Adding the realized sales to the current holding yields roughly $148.6 million in combined value.

Arkham posted a comment on the trade, writing, “He made over $150M in a year. How? ZEC.” Market participants have speculated the address belongs to Mert Mumtaz, co-founder of Helius Labs. Arkham has not confirmed the identity. Mumtaz posted, “He didn’t actually sell ZEC because he was just longing on hl checkmate,” and did not verify ownership of the wallet.

Zcash’s price rise in 2026 included a recent peak above $700 before the token settled lower. Grayscale filed for a spot Zcash exchange-traded fund in May 2026, and activity on the network showed an increase in shielded supply around the same period.

Realized profits beyond the $22.61 million already taken will require additional sales or sustained price levels. The outcome of the ETF filing, future price action and changes in shielded supply are among the factors market participants are watching.