Zcash Surges 72% in a Month After Paradigm Reveals ZEC Holdings. Is It Too Late to Buy?

Zcash Surges 72% in a Month After Paradigm Reveals ZEC Holdings. Is It Too Late to Buy?

Sam Daodu

Wed, September 23, 2026 at 4:09 PM GMT+3 6 min read

• ZCASH-USD

Quick Read

• Zcash tripled since July 1 and gained 221% before Paradigm's September 16 ZEC disclosure, meaning 83% of the rally predated that news.

• Cypherpunk Technologies is targeting a 5% ZEC stake, implying roughly $840 million in additional buying at current prices.

• Zcash's $25.6 billion market cap sits near an all-time high, and a Grayscale ETF approval could open mainstream brokerage demand.

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Zcash (CRYPTO:ZEC) has grown impressively, rising about 72% in just a month and more than tripling since July 1, 2026. This surge was fueled further when Paradigm, a major player in crypto funding, announced on September 16 that it owns ZEC. Given that these events occurred in such close succession, it's easy to speculate whether Paradigm's announcement sparked the rally and if it's too late to buy Zcash now.

However, the rally began before Paradigm made its announcement, which affects whether early or late investors have an advantage. As of September 22, Zcash is trading at $1,520, only 4% below its recent peak of $1,585 reached on September 18. So, the question remains: Is it too late to buy Zcash, and what could trigger the next wave of growth?

The Zcash Rally Predated Paradigm's Announcement

Zcash closed at $417 on July 1 and soared to $1,337 by September 16—the day Paradigm co-founder Matt Huang shared on X that his firm holds ZEC. This represents a remarkable 221% gain before Paradigm's news. Since then, Zcash has added only about 14%, reaching $1,520; that means about 83% of the total dollar increase since July happened before Paradigm entered the conversation.

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In fact, Zcash had been trending upward for several months, rising from around $240 on March 31. This means that by the time of Paradigm's announcement, Zcash had already more than quintupled in value. Paradigm did not initiate this rally; they simply confirmed their involvement in an already active trend.

The scope of Paradigm's confirmation is also quite limited; the fund stated only that it holds ZEC and supports the Zcash Open Development Lab, which develops Zodl, Zcash's primary wallet. Earlier this year, the lab secured a $25 million seed investment from Paradigm, along with other major investors like Andreessen Horowitz, Coinbase Ventures, and Winklevoss Capital. Paradigm has not disclosed how much ZEC it holds.

Cypherpunk Is the Only Zcash Buyer That Has Named a Target

Cypherpunk Technologies, a publicly listed company, has said it wants to increase its ZEC holdings. As of December 30, 2025, it owned 290,063 ZEC at an average cost of $334. This represents roughly 1.7% of the 16.87 million coins in circulation. Cypherpunk aims to acquire 5% of the total supply, which translates to an additional 553,000 coins, approximately $840 million at the current price of $1,520.

Another potential source of new investment is Grayscale, which filed with the SEC on August 21 to transform its Zcash Trust, ticker ZCSH, into a listed ETF on NYSE Arca. If approved, investors could buy Zcash exposure through regular brokerage accounts, creating more demand for the asset.

Zcash's Market Value Hit a Record in September

Zcash's all-time high stands at $5,942, recorded in October 2016. It is currently trading 74% below that mark. Proponents of Zcash point to this gap as potential room to return to those earlier highs. However, it's important to remember that this peak came shortly after the coin's launch, when only a small fraction of the current supply existed.

A more relevant measure of Zcash's potential is its market value, calculated by multiplying the current price by the number of coins in circulation. At $1,520, Zcash's market value is around $25.6 billion, only a few percent below its record high. Notably, unlike the previous peak, this recent surge occurred on September 18, marking a new milestone rather than a recovery to an old high.

The limited issuance of new coins means there is minimal selling pressure ahead. With Zcash capped at 21 million coins, just like Bitcoin, around 80% of the total supply is already in circulation.

Is It Too Late to Buy Zcash?

For this current rally, it may be too late. Zcash has already tripled since July 1 and gained around 2,909% over the past year. Most of this increase happened before Paradigm made its announcement, and now the market value is approaching a record high. At $1,520, new buyers are paying prices established by a rally that mostly came before Paradigm's statement.

However, potential future demand remains on paper. Cypherpunk's target implies around $840 million of buying interest, and approval of the Grayscale ETF could open the floodgates for further investment. If Zcash closes above September 18's peak of $1,585, it may attract more buyers. Conversely, if it falls below the $847 closing price from August, the market could see a significant pullback, and late buyers might regret the timing of their investment.

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