The Zcash Foundation, one of the key entities behind the privacy-focused cryptocurrency Zcash, has released its financial report for the first quarter of 2026, detailing a strong treasury position and lean operational spending. According to the report, the foundation held approximately $36.7 million in liquid assets as of the end of Q1, consisting of $12.11 million in cash, 506,556 USDC, 85,412 ZEC (valued at around $21.2 million), 41.8 BTC (approximately $2.85 million), and 12.02 ETH (about $25,000). Total operating expenses for the quarter reached $817,000, with personnel costs as the primary driver, reflecting a disciplined staffing model focused on protocol maintenance.
The report also addressed governance changes during the period. Following the departure of most of the Electric Coin Company team to form a new for-profit development group, the Zcash Foundation stepped in to maintain technical continuity. Initiatives such as Zebra 4.0 upgrades, FROST cryptographic improvements, Z3 stack development, and NU7 governance polling kept development on track.
On the regulatory front, the foundation confirmed that the U.S. Securities and Exchange Commission (SEC) closed its investigation in January without imposing any sanctions. This removal of regulatory uncertainty was highlighted as a positive development for planning and contributor confidence. Overall, the report underscores a stable financial position with diversified reserves, controlled costs, and reduced legal risk, supporting the long-term resilience of the Zcash ecosystem.
