Digital Currency Group CEO and founder Barry Silbert has bought more ZCash to add to his company's coffers as the token's price topped $ 240 for the first time in days.
In a Wednesday tweet to his more than 678,000 followers, Silbert Announced the purchase of $ 85 million in Zcash (ZEC), or roughly 376,106 tokens assuming an average price of $ 226. The purchase is just the latest for Silbert, who seems to portray himself as a contradictory in the cryptocurrency market, responding to negative comments about ZEC buying millions more.
All right, you asked for it. We bought $ 85 million plus Zcash $ ZEC
Pray for us... https://t.co/Pv6i0LO789
- Barry Silbert (@BarrySilbert) December 1, 2021
According to data from Cointelegraph Markets Pro, the price of ZEC rose more than 7% after Silbert's announcement, from $ 226.08 to $ 243.84. However, it has dropped more than 20% since hitting a six-month high of more than $ 300 on Thursday, shortly after transitioning from its main trial-of-work to proof-of-stake protocol.
Related: ZEC Price Rises 20% in One Day As Zcash Developers Reveal Proof-of-Stake Transition
Crypto whales like Silbert may be buying ZECs in anticipation of more project tokens going out of circulation due to blackout periods. Zcash's main developer, Electric Coin Company, Announced On Friday, users could stake a portion of their holdings on a dedicated ZEC smart contract to become validators on its blockchain.
Digital Currency Group operates Grayscale, a $ 53.5 billion AUM digital asset manager that offers investors exposure to cryptocurrencies through its trusts. Signature first listed his Zcash Trust in grayscale at the OTCQX Best Market in October. Silbert has also hinted that the company is making plans to convert your Bitcoin Trust on a spot-settled Bitcoin exchange-traded fund.
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