Blockchain analytics firm Arkham disclosed on May 28 that a Zcash (ZEC) whale bought 265,018 ZEC for $15.85 million on December 30, 2024, when ZEC was about $60. On May 29, ZEC was trading at $548.78, with the remaining 230,100 ZEC carrying a book value of about $126 million.
Confirmed build-up and liquidation timeline
Based on on-chain data disclosed by Arkham, the whale initiated a single position on December 30, 2024, at roughly $60 per unit, acquiring 265,018 ZEC with a total investment of $15.85 million. After opening the position, its holdings saw a drawdown of over 50% in 2025, with an unrealized loss that at one point reached about $8.6 million. From January 2025 to the late November period, the whale sold 54,718 ZEC in 8 transactions, liquidating for a total of $22.61 million.
As of the time Arkham disclosed the information, the remaining 230,100 ZEC is still held in the wallet, with a book value of about $126 million.
Identity speculation: Arkham has not verified beneficiary ownership
Arkham’s disclosure sparked market speculation. Some believe the wallet belongs to Mert Mumtaz, a co-founder of Helius Labs, who is a long-time supporter and public advocate of Zcash. Mumtaz has not directly addressed these claims yet.
As of the time of the report, Arkham has not confirmed the identity of the wallet’s holder, and any attribution remains unverified speculation.
Confirmed catalysts for ZEC’s 2026 rally
Earlier in May 2026, Grayscale filed an application for a Zcash spot ETF with the U.S. SEC, which the market sees as one of the key catalysts for ZEC’s recent rise in 2026. ZEC recently broke through a $700 all-time high point. Based on a purchase average of about $60 versus $548.78 at the time of the report, ZEC’s gain is approximately 815%.
FAQ
Did Arkham confirm the wallet holder’s identity?
No. Arkham’s May 28 disclosure has not confirmed the wallet holder’s identity. External speculation points to Mert Mumtaz, co-founder of Helius Labs, but this attribution remains unverified speculation, and Mumtaz has not directly responded either.
How much realized profit from the whale’s sales and how much is the remaining on-book holding value?
According to Arkham data, the realized profit from liquidations is $22.61 million (8 transactions, 54,718 ZEC). As of the time of the report, the remaining 230,100 ZEC has a book value of about $126 million (calculated using $548.78).
What is the status of Grayscale’s Zcash spot ETF application?
Earlier in May 2026, Grayscale filed its Zcash spot ETF application with the U.S. SEC, which the market views as an important catalyst for ZEC to break above $700 recently. As of the time of the report, the SEC approval progress has not been announced.
