Arthur Hayes Reveals Significant Zcash Investment: Now Second Largest Holding in Maelstrom Fund After Bitcoin

Saturday Nov 8 2025 12:00

Duration

2 min

  1. 1. Arthur Hayes Doubles Down on Zcash Investment

  2. 2. Zcash Market Performance

  3. 3. The Appeal of Zcash

  4. 4. Zcash's Resurgence Driven by Grassroots Privacy Movement

Arthur Hayes Doubles Down on Zcash Investment

Arthur Hayes, the co-founder of BitMEX, has revealed that Zcash (ZEC) now constitutes the second-largest holding in his family office's Maelstrom fund, surpassed only by Bitcoin (BTC). "Due to the rapid ascent in price, ZEC is now the 2nd largest *LIQUID* holding in MaelstromFund portfolio behind BTC," Hayes wrote in a Friday post on X. The disclosure arrives amidst a sharp rally in Zcash, which has surged from a low of $137 to over $730 in the past month, marking an increase of over 400%. Other privacy coins have also registered robust weekly gains, with Dash (DASH), Decred (DCR), and ZKsync (ZK) all climbing by more than 100%. Conversely, major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have remained range-bound amid broader market uncertainty.

Zcash Market Performance

As of this writing, ZEC trades at $548, down approximately 11.8% in the past 24 hours, with a market capitalization of $8.9 billion, according to CoinMarketCap. Trading activity remains elevated, with 24-hour volume up 139% to $4.63 billion. Zcash's circulating supply stands at 16.28 million ZEC, with a maximum supply cap of 21 million. The token's fully diluted valuation (FDV) is around $11.5 billion.

The Appeal of Zcash

Zcash's hybrid model, encompassing both transparent and shielded transactions, has rendered it a more appealing option. Similar to Bitcoin, it features a fixed supply of 21 million coins and is secured by a proof-of-work (PoW) mechanism.

Zcash's Resurgence Driven by Grassroots Privacy Movement

Zcash Foundation executive director Alex Bornstein stated that Zcash's recent resurgence has been entirely organic, fueled by growing public concern regarding government surveillance and data control. Speaking on Cointelegraph's Chain Reaction show, Bornstein noted that the renewed interest reflects a "powerful narrative" surrounding digital privacy and financial autonomy. Bornstein clarified that the Zcash Foundation, a U.S.-registered nonprofit, had "absolutely nothing to do" with the wave of renewed attention surrounding ZEC. "We were surprised to see when these mentions started popping up. Then to see that kind of wave just start to spread and then crest was extraordinary," he said.

Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.

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Written by:

Liam James

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