Zcash (ZEC<\/a>) has fallen roughly 60% from its November 2025 high, extending a multi-month slide that has reversed much of the asset\u2019s Q4 gains. <\/p>\n The privacy-focused coin, which was the top-performing large-cap crypto asset of 2025<\/a>, began its downward trend in December, shortly after the Winklevoss<\/a>-backed Zcash treasury company Cypherpunk Technologies last disclosed a ZEC purchase, its third since launching. <\/p>\n Cypherpunk, which launched in November<\/a> as a Zcash-focused treasury company, last reported<\/a> buying ZEC on Dec. 30, 2025, bringing its holdings to 290,062.67 ZEC. The spot price of Zcash has dropped over 50% since then. <\/p>\n The firm hasn\u2019t announced any new purchases, and CoinGecko<\/a> data shows total holdings have remained the same since.<\/p>\n Data shows the company paused accumulation after reaching about 1.76% of ZEC\u2019s total supply. Cypherpunk has said it aims to build a position equal to 5% of the token\u2019s supply.<\/p>\n With an average ZEC purchase price of about $334, Cypherpunk Technologies is sitting on an unrealized loss of $25.73 million, down 26.5%, with ZEC trading around $245 at press time.<\/p>\n ZEC kicked off a multi-month rally<\/a> this fall, starting in late September, reaching as high as $700 in mid-November. While the privacy coin has retraced much of its 2025 gains, it\u2019s still trading almost 400% higher than its pre-rally levels in September.<\/p>\n The Defiant reached out to Cypherpunk to clarify its plans for the DAT, but hasn\u2019t received a response by press time.<\/p>\n Meanwhile, Cypherpunk\u2019s shares have dropped about 40% over the past 30 days, though they remain over 100% higher than in November, before the company rebranded from a biotech firm, Leap Therapeutics, Inc, to a Zcash DAT, according to data from Google Finance<\/a>.<\/p>\n Cypherpunk\u2019s pace of ZEC purchases stands out against more aggressive digital asset treasury (DAT) strategies elsewhere in crypto. The original and largest DAT, Michael Saylor\u2019s Strategy, has been making its BTC purchases on a weekly basis for over a year, with few exceptions. <\/p>\n While Strategy\u2019s unrealized losses have ballooned to about $4.36 billion amid the market downturn, the firm has kept up its accumulation cadence, making five Bitcoin purchases so far in 2026, according to the company\u2019s data<\/a>.<\/p>\n Tom Lee\u2019s BitMine<\/a>, the largest Ethereum DAT, has kept pace so far this year with the same number of ETH purchases, per data<\/a> from DefiLlama. BitMine\u2019s unrealized losses reached<\/a> $6 billion this week as the spot price of ETH slipped below $2,000.<\/p>\n Amid Cypherpunk\u2019s dropping shares and rising paper losses, Gemini, the crypto exchange founded by the Winklevoss twins, announced this week that it\u2019s restructuring its business. <\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1770405119440-png-a8a3dde3-8802-4c66-b927-a872e23dd1ca.png&w=3840&q=100\"\/)
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Top DATs Keep Buying<\/h2>\n