Barry Silbert announced purchase of Zcash for $ 85 million

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Barry Silbert, CEO and Founder of Digital Currency Group, acquired additional ZCash as the token’s price jumped to $ 240.

In a tweet to over 678,000 subscribers, Silbert announced a $ 85 million purchase of Zcash (ZEC), which includes approximately 376,106 tokens at an average price of $ 226.

According to Cointelegraph Markets Pro, following Silbert’s announcement, the ZEC price rose more than 7% from $ 226.08 to $ 243.84. Then there was a fall of more than 20% since hitting a six-month high above $ 300 on Thursday, which was explained by the transition of the main protocol from Proof-of-Work to Proof-of-Stake.

Silbert could have made a purchase of ZEC in anticipation that a certain portion of the tokens will go out of circulation due to the blocking periods. The main developer of Zcash, Electric Coin, announced that users will be able to invest part of their assets in a special ZEC smart contract to become validators on its blockchain.

Digital Currency Group operates a $ 53.5 billion digital asset management company Grayscale. Cryptocurrencies are accessed through various trusts.

The firm first listed its Grayscale Zcash Trust on the OTCQX marketplace in October. Silbert also said the company plans to convert its bitcoin trust into a spot-settled bitcoin exchange-traded fund.

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