Nasdaq-listed Reliance Global converts entire crypto treasury to Zcash

Nasdaq-listed insurance technology company Reliance is betting big on privacy tokens and has converted its entire crypto treasury into Zcash after a strategic overhaul.

“Our decision to consolidate our DAT into Zcash reflects a high-conviction belief in ZEC’s long-term potential and its unique position at the convergence of cryptography, compliance, and financial privacy,” Moshe Fishman, a member of the Reliance Global Group Crypto Advisory Board, was quoted as saying in a Nov. 25 announcement.

After announcing a board-approved strategic expansion into cryptocurrencies back in September, Reliance Global went on to develop a multi-asset portfolio that comprised Bitcoin as its anchor position, along with some of the leading altcoins such as Ethereum, Cardano, XRP, and Solana.

The company’s latest purchase before the pivot was a sizable investment into Solana last month, in line with their original strategy that was focused on diversification, where each investment offered a distinct value proposition.

However, after a “comprehensive strategic review” led by Blake Janover, the Chairman of the Crypto Advisory Board, the company has determined that Zcash offers the “most compelling opportunity for a long term digital asset treasury (DAT) strategy,” the announcement noted.

According to the company, Zcash’s privacy-centric architecture is built on Bitcoin’s foundational design but introduces enhanced confidentiality features that offer optional privacy and regulatory alignment. Its dual transaction model, allowing both transparent and shielded transfers, separates it from other networks and makes it a “strategic fit” for the company’s long-term digital asset treasury goals.

“As we evaluated the rapidly evolving digital asset landscape, it became clear that Zcash’s privacy architecture and institutional flexibility align more closely with our vision than a diversified crypto portfolio […] We believe this focused approach positions Reliance to operate with greater clarity and seize the opportunities emerging in a rapidly transforming digital economy,” Reliance Global Group Chairman and CEO Ezra Beyman added.

Zcash gets renewed attention

Zcash has been performing exceptionally well over the past months, having rallied more than 1,200% in 90 days, climbing to highs not seen since 2018.

Much of this performance has been backed by an increased appetite for privacy-focused cryptocurrencies, as concerns continue to rise over blockchain surveillance and the transparency of traditional chains like Bitcoin and Ethereum. 

Regulatory clarity in the U.S., such as the passage of the Clarity and Genius Acts and the removal of Tornado Cash from the U.S. Treasury Department’s sanctions list, has also signaled a shift toward a more nuanced stance on privacy technology.

Meanwhile, OKX, a major global crypto exchange that had previously delisted ZEC, once again reintroduced the token earlier this week to capture renewed demand, and the community is expecting other platforms to follow suit.

With sentiment around the token improving and liquidity returning, the door has quietly reopened for larger players to step in. ZEC has started drawing notable institutional interest, having secured a place in the coffers of Winklevoss-backed Cypherpunk Technologies, which recently acquired over 200,000 ZEC as part of a broader strategic pivot. 

Activity has also picked up around the Grayscale Zcash Trust, while prominent voices like Arthur Hayes have thrown their support behind the asset.