Institutional holdings

Markets

CYPH and ZCSH — the two public ZEC vehicles. Holdings, live value, and mNAV.

Total institutional ZEC

712,068.06 ZEC

Combined value (live)

$596.71M

% of circulating supply

4.21%

Holdings vs ZEC price

CYPH cumulative ZEC from press-release tranches · SEC quarter-end holdings (stepped); Jul 31 2026 fact-sheet total is derived

CYPH ZEC

ZCSH ZEC

ZEC/USD

Loading price history…

zecmetrics.ioZEC/USD daily · Default 1y

Cypherpunk HoldingsCYPH · NASDAQActive buyer

mNAV

1.66×

EV ÷ NAV · cypherpunk.com def.

CYPH price

$1.71

Yahoo / Nasdaq last

Market cap

$396.42M

price × (common + pref. warrants)

Nasdaq / common only

~$184.28M

Nasdaq summary Market Cap field · basic common

Enterprise value

$513.00M

Debt $0 · price × (common + pref + ITM warrants + ITM awards) + (Debt - pro-forma net cash)

Fully diluted shares

333.34M

cypherpunk.com fullyDilutedShares

ZEC held

323,394.38 ZEC

Total invested

$110.55M

Current value

$271.00M

Avg cost basis

$341.84

Unrealized P&L

+$160.45M (+145.1%)

Target progress

38.73% of 5% goal

1.91% of circulating supply

Purchase history

Date	ZEC purchased	USD invested	Avg price	Notes
2025-11-12	203,775.27	$50.00M	$245.37	Initial acquisition
2025-11-18	29,869.29	$18.00M	$602.63	Second tranche
2025-12-30	56,418.09	$29.00M	$514.02	Third tranche
2026-01-01	4,680.43	$2.00M	$427.31	Fourth tranche (via Gemini, Jan–Mar 11)
2026-04-15	9,163.32	$2.15M	$234.63	Fifth tranche
2026-05-13	10,279.3	$5.00M	$486.41	Sixth tranche
2026-06-17	6,846.37	$3.40M	$496.61	Open-market (dashboard, fetched 20 Aug 2026)
2026-08-12	2,362.31	$1.00M	$420.97	Open-market (dashboard, fetched 20 Aug 2026)

CYPH price refreshes every 5 minutes via Nasdaq. Headline market cap is Nasdaq price × cypherpunk.com common + pre-funded warrants (231,822,928). mNAV is enterprise value ÷ NAV (ZEC mark-to-market + investments at cost), matching cypherpunk.com. Nasdaq / common-only is the Nasdaq summary Market Cap field (basic common), not the headline. Share counts and EV refresh from the cypherpunk.com dashboard financials when available. Purchase history is sourced from press releases plus the Cypherpunk dashboard (open-market tranches fetched 20 Aug 2026).

Grayscale Zcash TrustZCSH · OTCPassive trust

Premium / Discount to NAV -5.0%

(share price ÷ NAV per share) − 1

AUM

$309.46M

share price × shares

ZEC held

388,673.68 ZEC

as of Jun 30 2026 (SEC 10-Q) · 2.30% of circulating

ZEC per share

0.08048241

as of Jun 30 2026 (SEC 10-Q)

Expense ratio

2.50%

Current ZEC value

$325.71M

holdings × ZEC/USD

Holdings only move on rare accredited creations and the 2.5% in-kind sponsor fee until NYSE Arca listing and redemptions go live. ZCSH price refreshes every 5 minutes via Yahoo Finance. AUM is share price × shares outstanding. ZEC held is the Jun 30 2026 10-Q quantity, not a live grayscale.com print. Verify at grayscale.com or the Jun 30 2026 10-Q.