Zcash Foundation reports $36.7 million in liquidity and SEC probe closure

The Zcash Foundation, a nonprofit supporting the privacy-focused Zcash blockchain, reported a strong financial position and significant regulatory clarity in its first-quarter 2026 update. The organization ended the quarter with $36.7 million in liquid assets and saw the U.S. Securities and Exchange Commission close a longstanding investigation without recommending enforcement action.

The SEC's inquiry, which began with a subpoena in August 2023, concluded in January. The agency informed the foundation it would not pursue any enforcement measures. Foundation leadership described the closure as removing a significant regulatory overhang and providing greater operational clarity for future development.

Financially, the foundation's liquid assets as of March 31 included approximately $21 million worth of ZEC, $12.6 million in cash and USDC stablecoins, and smaller holdings of bitcoin and ether. Operating expenses for the quarter totaled $817,000, averaging about $272,500 per month. This spending profile is notably leaner than some other major nonprofit entities in the cryptocurrency sector.

The quarter was also marked by significant organizational change within the broader Zcash...