Multicoin Capital Reveals Major ZEC Bet as Price Surges by 38%

Steady attention without excessive speculation.

Why Multicoin Capital Chose ZEC

Jain argued that demand for “truly private, censorship and seizure resistant assets” is accelerating. He pointed to California’s proposed wealth seizure policies as one example of the forces driving that demand. In his words, $ZEC is “the cleanest way to express this thesis in public markets.” That framing suggests Multicoin considered other privacy coins before settling on Zcash for its exchange accessibility and regulatory profile.

Zcash uses zk-SNARKs to enable shielded transactions. These allow users to prove a transaction is valid without revealing the sender, receiver, or amount. Unlike Monero, which enforces privacy by default, Zcash offers both transparent and shielded addresses.

The Multicoin Track Record

Multicoin Capital is known for concentrated, thesis-driven bets. The fund’s early and vocal position in Solana remains its most cited call. That bet preceded SOL’s breakout by more than a year.

This is, however, the fund’s first known position in a privacy coin. Jain did not disclose the size of the ZEC allocation. He described it only as “significant.”

The three-month gap between the start of accumulation in February and the public disclosure on May 5 is notable. It suggests the fund completed most of its buying before revealing the thesis.

Market Reaction and ZEC Price Data

The market response to the Multicoin Capital ZEC disclosure was immediate. According to CoinGecko data, ZEC jumped from a 24-hour low of $416.88 to a high of $600.19.

The $600 level had not been reached since November 2025. Bitget reported on May 6 that ZEC jumped “over 36% today” following Jain’s disclosure. Volume surged across multiple exchanges as both retail and institutional traders reacted.

Community Response and Pushback

Reaction on X was overwhelmingly bullish. Crypto KOLs and analysts framed the announcement as institutional validation of the privacy narrative. Many compared it to Multicoin’s early Solana call.

Not everyone agreed, though. Monero supporters questioned why Multicoin chose ZEC over XMR. Some argued that Zcash’s opt-in privacy model is weaker than Monero’s default shielded transactions.

Others raised concerns about sustainability. Announcements from well-known funds often trigger short-term pumps that fade without follow-through adoption. Regulatory risk also remains a live concern, since several exchanges have delisted privacy tokens in recent years.

No On-Chain Confirmation Available

Zcash’s shielded transactions make it nearly impossible to verify Multicoin’s position through on-chain data. No wallet addresses or transaction IDs have been publicly attributed to the fund. Tools like Arkham Intelligence and Nansen do not currently offer ZEC-specific dashboards. As a result, the market relies on Jain’s public statements rather than verifiable on-chain evidence.

Some secondary outlets referenced “on-chain data” in their coverage but provided no explorer links or labeled wallets to support those claims.

What Comes Next for Zcash

Several questions remain unanswered. Multicoin has not said whether its accumulation is complete or ongoing. No other institutional investors have publicly confirmed similar positions. The Zcash team and Electric Coin Company have not yet responded to Jain’s disclosure. ECC underwent a governance restructuring in January 2026, though that event appears unrelated to Multicoin’s buying.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.