Zcash is back in focus after a valuation model from Cypherpunk Technologies suggested ZEC could climb above $9,700. The estimate, presented by investment lead Will McEvoy, argues that Zcash still has a much smaller market capitalization than gold or Bitcoin. Under his framework, the token could reprice sharply if it captures 1% of the world’s offshore wealth or reaches 10% of Bitcoin’s total market value.
Two assumptions drive the $9,700 scenario
McEvoy’s model is built on a pair of aggressive but clearly defined assumptions. One is that a small slice of offshore wealth flows into Zcash. The other is that Zcash grows large enough to claim a tenth of Bitcoin’s overall valuation. On paper, that opens room for a dramatic upside move. In the market, though, those conditions remain theoretical.
The article itself makes that distinction plain. It notes that meaningful price jumps are possible if Zcash captures a larger share of global markets, but analysts are still treating these projections as hypothetical rather than base-case expectations. That gap matters.
A 70% weekly rally still leaves ZEC below recent highs
Actual trading data paints a more restrained picture. Even after gaining 70% over the past week, ZEC remains 22% below its six-month high of $735. That leaves a very wide distance between the current market price and the nearly $10,000 target implied by the bullish model.
That spread helps explain why traders have not fully embraced the most optimistic scenario. Market participants cited in the source view the idea of Zcash matching the market capitalization of assets such as Bitcoin or gold as highly unlikely in the short term. The rally is real. The bigger re-rating is still only a projection.
Cypherpunk Technologies added 303,906 ZEC to its balance sheet
The discussion around ZEC is also tied to Cypherpunk Technologies’ treasury strategy. Winklevoss Capital acquired and restructured the traditional biotech company Leap Therapeutics, turning it into Cypherpunk Technologies and creating a direct Zcash treasury vehicle in the US public market.
After the restructuring, Cypherpunk Technologies added 303,906 ZEC to its corporate balance sheet at an average acquisition cost of $332.83 per coin. Based on current market levels cited in the report, that position represents an approximate return of 69%. The company now stands out as a notable regulated platform with direct Zcash exposure in the US market.
Attention shifts to how long the treasury will hold
For now, investors are watching less for a headline target and more for execution. The source says market participants are closely tracking how long Cypherpunk Technologies will keep such a large ZEC position and what strategy it may use if the token moves closer to its ambitious valuation range.
ZEC has posted a strong week, but it remains far from both its historical peaks and the levels suggested by the most bullish modeling. Whether Zcash can win a larger share of global capital is still the central question behind the $9,700 thesis.