Zcash Foundation Reports $36.69M Treasury as ZEC Trades Near Recent Highs

Zcash Foundation ended the first quarter with $36.69 million in liquid assets, giving the privacy-focused network a stronger financial snapshot as ZEC (CRYPTO: $ZEC) continues to trade near recent highs.

The foundation’s Q1 2026 report showed $36.70 million in total liquid assets and $36.69 million in net liquid assets after liabilities. ZEC made up the largest share of the treasury, with 85,412.34 tokens valued at $21.2 million as of March 31. The balance also included $12.1 million in U.S. dollars, 506,556 USDC, 41.8 BTC (CRYPTO: $BTC) and 12.02 ETH (CRYPTO: $ETH).

Operating expenses were relatively contained for the quarter. Zcash Foundation reported $817,618 in total expenses, or about $272,539 per month, with team compensation accounting for $592,565. Protocol and Zebra work represented just over half of resource allocation, followed by management and general expenses, community work, FROST and the Shielded Aid Initiative.

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The report lands at a cleaner moment for Zcash after a volatile stretch around governance and regulation. Zcash Foundation said the U.S. Securities and Exchange Commission concluded an investigation that began with an August 2023 subpoena without recommending enforcement action, removing a regulatory overhang that had followed the organization for more than two years.

The foundation also pointed to network stability after governance disputes inside Electric Coin Company led to the departure of much of its development team. Blocks continued to be produced, transactions continued to settle and user funds remained secure, according to the report.

Engineering work remained active through the quarter. The foundation highlighted Zebra releases, progress on Network Upgrade 7, Z3 stack development and critical security fixes tied to two responsibly disclosed vulnerabilities.

For Zcash, the disclosure gives investors and community members a clearer view of the nonprofit’s runway at a time when privacy coins are again drawing market attention.

Zcash (CRYPTO: ZEC) cryptocurrency is currently trading at $574.80 U.S. per digital token.