DCG Founder and the Winklevoss Brothers Clash Again, Competing Over Zcash Mining and ETFs

Odaily report: As the privacy coin Zcash (ZEC) surged by as much as approximately 3000% during the year, early Bitcoin investor and Gemini co-founder Cameron and Tyler Winklevoss, along with Digital Currency Group (DCG) founder Barry Silbert, are ramping up their positions in the Zcash ecosystem, with the competition centered on mining infrastructure and investment products. Cypherpunk Technologies, backed by the Winklevoss brothers, and Fortitude Mining, backed by Silbert, have become major miners on the Zcash network, with both sides planning to invest tens of millions of dollars to expand their hash power. Cypherpunk currently accounts for approximately 20% of the network's total hash power, while Fortitude is expected to reach 20% once its latest equipment deployment is completed.

On the investment products side, DCG's Grayscale launched the first U.S. Zcash ETF in August, while the Winklevoss brothers filed for their own Zcash ETF this month. Zcash has recently regained market attention, partly because artificial intelligence technology has enhanced the ability to track public blockchain transactions, driving up demand for financial privacy among crypto investors. A U.S. ruling in March 2025 also alleviated some regulatory concerns about privacy coins. Cameron Winklevoss stated that Zcash gives investors the opportunity to relive the experience of investing in Bitcoin early on. The two parties previously had a public dispute over the collapse of the Gemini Earn project, and now they are competing once again in the Zcash ecosystem. (Bloomberg)