Zcash (ZEC) has experienced a significant decline, dropping approximately 60% from its peak in November 2025. Cypherpunk Technologies, a digital asset treasury company supported by the Winklevoss brothers, has stopped accumulating ZEC since its last purchase on December 30, 2025. The company, which was established in November 2025, currently holds 290,062.67 ZEC, representing about 1.76% of the total supply, with an aim to reach 5%. Since Cypherpunk's last acquisition, ZEC's price has fallen over 50%, now trading at around $245, compared to an average purchase price of $334. This has resulted in a paper loss of $25.73 million, marking a 26.5% decline. Despite ZEC's earlier rally to $700 in mid-November, it has since retraced most of its gains. Meanwhile, other major digital asset treasuries continue to accumulate, with MicroStrategy and BitMine making multiple Bitcoin and Ethereum purchases in 2026, despite significant paper losses.