Grayscale Investments, a crypto asset management firm, enabled private placement for accredited investors in Zcash Trust a month ago. It sparked a huge rally in ZEC price.
A month later, Silbert Family Investments booked profits by selling some shares in Grayscale Zcash Trust (ZCSH). Barry Silbert-linked firm made huge gains by selling shares after 8 years.
Grayscale Founder Barry Silbert-Linked Company Sells Holdings in Zcash Trust
According to a US SEC filing, Silbert Family Investments LLC sold 9,753 shares of Grayscale Zcash Trust (ZCSH).
These shares were purchased by the Barry Silbert-linked firm in October 2017 in a privately negotiated transaction from the issuer for cash.
Notably, Silbert Family Investments last sold 1,897 shares of ZCSH on July 25. Canaccord Genuity is the broker for the family firm.
Recently, Digital Currency Group (DCG) and DCG International Investments sold shares of Grayscale Solana ETF before its debut last week.
As The Coin Republic reported, DCG sold 387 GSOL shares on October 28 through Canaccord Genuity Corp.
The firm acquired the shares on October 19 last year in a privately negotiated transaction from the issuer for cash. The shares outstanding are 7,231,035.
Also, DCG International Investments sold 7,100 shares on October 27 and 6,723 shares on October 28 through Canaccord Genuity Corp.
Arthur Hayes Predicts Zcash Price to Hit $1,000
BitMEX founder Arthur Hayes, in a X post on November 6, shared his new price target for Zcash. He predicted $1,000 as the next stop as ZEC price surpassed $530 today.
Hayes has actively backed Zcash amid the massive demand for privacy coins. Earlier, he predicted a bold $1,000 price target for ZEC, seen as a major comeback after seven years.
The crypto community and whales continue to buy the privacy coin despite some booking profits.
Lookonchain reported that a whale had created a new wallet (0x96ea) three days ago, now sitting on $2.7 million in unrealized profit.
ZEC Price Jumps Over 20%
ZEC price pared some gains after a 20% jump in the last 24 hours. The price was trading at $544.28, with a 24-hour low and high of $452.77 and $534.81, respectively.
Moreover, trading volume increased by nearly 18% in the last 24 hours, indicating buying despite selling by institutions such as Silbert Family Investments.
Meanwhile, CoinGlass data showed massive buying continues in the derivatives market. At the time of writing, the 24-hour total ZEC futures open interest jumped nearly 29% to $931.79 million.
Also, 4-hour ZEC futures open interest on Binance, OKX, Bybit have climbed more than 5%, 64% and 14%, respectively.
The post Breaking: Barry Silbert Sells Grayscale Zcash Trust Shares as ZEC Price Soars appeared first on The Coin Republic.