Winklevoss Launch First ZEC DAT

Zcash is trading at $460-472 after wild volatility saw the token rise to $723 before plunging 37% to current levels.

Earlier today, the Winklevoss twins launched as the world’s first ZEC-focused Digital Asset Treasury through the newly rebranded Cypherpunk Technologies, formerly Nasdaq-listed Leap Therapeutics.

The Cambridge biotech firm secured a $58.88 million private placement led by Winklevoss Capital and immediately spent $50 million to buy 203,775 ZEC at an average price of $245.

wow the winklevoss twins started the first ZEC DAT!

I expect higher mnav and buying pressure for privacy coin DAT as it is not legal to hold in many regions

I also expect ETFs

shielded/unshielded will act as a privacy trojan on a planetary scale pic.twitter.com/EA4XkMOQWF

— because | helius.dev (@0xMert_) November 12, 2025

Cypherpunk joins corporate treasury strategies by following the Bitcoin playbook, but focuses on Zcash’s zero-knowledge proofs that verify transactions without revealing wallet addresses or amounts.

The demand for privacy is accelerating institutional adoption

Leadership changes come alongside this rebranding, with Khing Oei named chairman and Winklevoss Capital’s Will McEvoy becoming chief investment officer.

Oei founded Treasury, a Dutch bitcoin company that raised $147 million in September through Winklevoss Capital and Nakamoto Holdings.

McEvoy noted that other crypto coffers have faltered under “short-term, mercenary capital“, while Cypherpunk built “value alignedan investor base focused on the long-term importance of privacy for the United States and the world.

Galaxy Digital analyst Will Owens recently pointed out that Zcash is gaining traction as a Bitcoin alternative due to concerns about on-chain oversight.

Owens described ZEC as “encrypted bitcoin‘, representing a return to cypherpunk principles that resonate throughout extensive viewing.

Amid this boom in accepting privacy coins, Report A16z recently documented a return to mainstream privacy acceptance, with Google surging crypto privacy searches in 2025.

Zcash’s shielded pool supply has grown to nearly 4 million ZEC, while Railgun’s transaction flows have exceeded $200 million per month.

Also earlier today BitMEX co-founder Arthur Hayes he warned ZEC holders can withdraw tokens from centralized exchanges or risk losing their privacy.

Hayes emphasized that protected addresses enable the secrecy of transactions that centralized administration undermines.

If you hold $ ZEC on CEX, download it to your own wallet and cover it.

— Arthur Hayes (@CryptoHayes) November 12, 2025

Zcash rose nearly tenfold in two months before peaking near $735 on Friday, prompting $51 million in short liquidations.

The token remains 85% below its 2016 high of $3,191 despite recent explosive gains.

Analysts have previously warned of overheating, with the RSI reaching overbought levels after a 1,700% rise since September.

Support for Elliott Wave Structure Tests – What’s next for ZEC?

On a technical level, the two-hour charts show a completed five-wave impulse from $300 to $750, followed by a three-wave ABC correction to $429.

The structure suggests a potential new five-wave momentum, starting with the current price moving between the 0.618 and 0.5 Fibonacci retracement levels at $483-524, common areas for wave transitions.

The RSI at 39.07 indicates oversold conditions after a correction, potentially supporting an upward wave count if ZEC has completed its correction structure.

Currently, the Elliott Wave projection is targeting $1,000, representing a 112% gain from current levels if the number is confirmed.

Zooming in closer, the 1-hour charts reveal bearish trend resistance converging with bullish support and forming a compression apex around the current price.

The volume profile shows concentration around $480-520, indicating a zone of high conviction.

The recent rise to $440 followed by an immediate recovery could represent a capitulation wick before a reversal or temporary bounce.

A break above the descending resistance at $480-500 with volume will confirm the Elliott Wave structure and may trigger a short cover towards $520-550.

Failure to break out will maintain a corrective structure towards the $440-420 support level, with a deeper correction towards the $342-369 range if selling pressure persists.

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