Multicoin Capital discloses major holdings in Zcash; ZEC has risen 177% since its February low

On May 6, Multicoin Capital managing partner Tushar Jain posted on X, disclosing that Multicoin has been continuously accumulating Zcash (ZEC) since February, building up a larger position. Since the February low, ZEC has gained about 177%, at one point breaking $550. As of the time of publication on May 6, it was trading at $511.71.

Tushar Jain discloses ZEC holdings and investment thesis

In his May 6 statement on X, Tushar Jain said that Multicoin has continued to accumulate ZEC since February 2026, and believes that Zcash is one of the “most concise” ways to express a privacy-asset investment view in the public market.

In the statement, Jain said that as discussions in the United States—especially in California—around wealth taxes and asset confiscation increase, the trend of governments taxing known assets or adding mechanisms to increase confiscation is pushing market participants to shift toward assets with stronger privacy protection and harder-to-interfere-with characteristics. He also noted that although Bitcoin is known for censorship resistance, governments can still interfere with known Bitcoin holdings through measures such as taxation, while crypto assets with true privacy protection sit in a different category.

Jain said Multicoin believes that “truly hidden” assets with censorship resistance and resistance to asset seizure are highly aligned with what the market is seeking.

ZEC price performance

Based on market data, ZEC has gained about 177% since its February 2026 low, and at one point broke $550. As of the time of publication on May 6, ZEC was $511.71, with a 24-hour gain of 19.08%.

Arkham: suspected Multicoin-linked wallets stake $82.02 million HYPE

According to Arkham data and reports by Coinness and Phemex, on May 5, three wallet addresses suspected to be related to Multicoin Capital staked a total of about 8B HYPE tokens on HyperCore, worth about $82.02 million at the time; one address staked HYPE worth about $28.45 million on its own.

According to Arkham’s data, after staking, that group of wallets still held a total of about 2.83 million HYPE, valued at about $118 million, suggesting this staking was a shift in how the position is held rather than a reduction.

In related coverage, Arkham said its wallet attribution relies on AI probability analysis, and the evidence “strongly suggests” Multicoin’s involvement, but the on-chain attribution is not conclusive.

FAQ

What are the investment reasons behind Tushar Jain’s disclosure of his ZEC holdings?

According to Tushar Jain’s May 6 statement on X, Multicoin believes that as discussions about wealth taxes and asset confiscation increase, demand is rising for assets with privacy protection, censorship resistance, and resistance to confiscation, and that ZEC is one of the “most concise” ways to express this view in the public market.

How has ZEC performed recently in terms of price?

Based on market data, ZEC has gained about 177% since its February 2026 low and at one point broke $550. As of May 6, it was $511.71, with a 24-hour gain of 19.08%.

How does Arkham show the suspected Multicoin wallet HYPE staking situation?

According to Arkham data and reports by Coinness and Phemex, on May 5, three wallets suspected to be related to Multicoin staked a total of about 2.96 million HYPE (about $82.02 million) on HyperCore; Arkham emphasized that its wallet attribution is based on probabilistic analysis rather than a definitive conclusion.