ZEC Jumps Over 30% After Multicoin Capital Reveals Large Position

ZEC rose by more than 30 percent after Tushar Jain, co-founder and managing partner of Multicoin Capital, said the firm had built a significant position in the token since February. He added that “California’s proposed wealth seizures are a warning. Multicoin Capital, known for its early investment in Solana, believes demand will grow for truly private, censorship and seizure resistant assets.

The firm views ZEC as the cleanest way to express the thesis of demand for private assets in public markets. Jain’s statements continued a revival of interest in Zcash, which first launched in 2016. Zcash allows users to encrypt the blockchain addresses of a given transaction’s sender and receiver, as well as the transaction amount.

The network uses zero-knowledge proofs to mark a transaction as valid without revealing the contents of the message itself. Many of its proponents argue that the network enables transactions with no public footprint, akin to digital cash. In late 2025, Arthur Hayes, Mert Mumtaz and Naval Ravikant began promoting ZEC.

Naval Ravikant was an early investor in the entity behind Zcash. That interest helped drive ZEC from around $50 in mid-September to a high above $700 by mid-November of 2025. ZEC was trading hands around $573 at the time of publication.

Jain’s advocacy centered in part on a California ballot proposal that would levy a 5 percent wealth tax on billionaires in the state. He framed the proposal as evidence of a broader political trend toward seizure of private wealth. In January, the nonprofit Zcash Foundation announced that the Securities and Exchange Commission had concluded a probe of the entity.

The SEC probe of the Zcash Foundation was opened under the Biden administration in 2023. Zcash’s fortunes have been buoyed by the new regulatory outlook on crypto being offered by the Trump administration.

U.S. President. Fortune reported the price movement, Jain’s position disclosure, the firm’s beliefs about private assets, Zcash’s technical features and history, the late-2025 promotions, the earlier price spike, the California proposal details, the SEC probe timeline and the impact of the current administration’s approach.