ZEC พุ่ง 21 เท่าในหนึ่งปี หุ้นสหรัฐฯ ที่ได้ประโยชน์มีอะไรบ้าง?

Privacy coin Zcash (ZEC) surged 21x over the past year, breaking above $1,000 in September 2026 with a market cap of approximately $17.95 billion. As interest grew, "Which US stocks benefit from ZEC?" became the most frequently asked question among cross-market investors. Let's be clear upfront: correlation does not equal benefit. This article individually verifies five US stock-related targets: Cypherpunk Technologies (CYPH), The Zcash ETF (ZCSH), Coinbase Global (COIN), Gemini Space Station (GEMI), and Robinhood Markets (HOOD), breaking down their connections into five verifiable channels—direct holdings, product tracking, platform listing, custody provision, and founder or shareholder narrative. Upon verification, none of the five targets occupies three channels simultaneously; the sources of correlation differ, and the path from coin price to company financials varies entirely. All data in this article is based on public disclosures as of September 18, 2026; all times are UTC+8. This article does not cite individual stock prices or price changes, and only reviews company businesses and publicly disclosed operating figures.

1. First, Let's Clarify This ZEC Cycle: It's Not Just the Price Rising—It's "Can Be Bought Compliantly"

ZEC is a privacy coin launched in 2016 that uses zero-knowledge proofs to allow transaction amounts and addresses to be hidden, while retaining a transparent address layer—it is "optional privacy," not "mandatory privacy"—a point that will be referenced repeatedly later.

This cycle has one structural difference from previous privacy coin rallies: the channels have opened.

① On April 24, 2026, Robinhood listed ZEC spot across the United States. This was the platform's first major new crypto listing in over two years. The approach: withdrawals are only permitted to transparent t-addresses, not to shielded z-addresses, opening trading while meeting anti-money laundering requirements.

② On August 25, 2026, The Zcash ETF (ZCSH) listed on NYSE Arca—the first privacy coin spot ETF in the United States. On September 8, 2026, the issuer announced assets surpassed $500 million, with cumulative net inflows exceeding $70 million in the first two weeks of listing, plus $100 million from seed investors.

⚠️ Together, these two developments mean: In the past, gaining ZEC exposure required opening a crypto account yourself; now an ordinary brokerage account can access it. This is a channel change, not a judgment on ZEC's price direction, and this article makes no such judgment.

2. How the Five Targets Are Categorized: Five Correlation Channels, and the Most Connected Only Occupies Two

Breaking down the phrase "related to ZEC" reveals five entirely different channels:

1. Directly holding ZEC — ZEC appears on the balance sheet or in fund holdings
2. Product directly tracks ZEC price — Issuing a product with ZEC as the underlying
3. Platform lists ZEC spot — Users can buy and sell ZEC here
4. Providing custody for ZEC products — Safekeeping ZEC on behalf of others
5. Founder or shareholder narrative connection — Key figures publicly endorsing ZEC

Verification results:

⚠️ This table is grouped by correlation type—it is not a quality assessment or a recommendation ranking. A higher number of channels does not mean a better target—it only indicates that the correlations come from different places.

3. Direct Holdings Type ①: Cypherpunk Technologies (CYPH)

What this company does. CYPH was formerly Leap Therapeutics, a cancer drug company. In November 2025, the company renamed itself Cypherpunk Technologies and pivoted, making Zcash its core asset with a positioning of "privacy technology company + ZEC digital asset treasury." The original cancer drug pipeline continues under a subsidiary. 6 full-time employees—this number will appear again later.

Where the correlation comes from. On November 12, 2025, Winklevoss Capital (the family fund of Gemini co-founder Tyler Winklevoss) invested $58.9 million, and the company made its first purchase of 203,775 ZEC at an average price of approximately $245, setting a clear target: acquire 5% of Zcash's total network supply of 21 million, i.e., 1,050,000 ZEC.

Where holdings stand. Based on company announcements, quarterly reports, and the company dashboard, the period-end holdings path is:

• 2025/11/12　203,775 ZEC (initial position announcement)
• 2025/11/18　233,645 ZEC (add-on announcement)
• 2025/12/30　290,063 ZEC (company announcement)
• 2026/06/30　323,394 ZEC (Q2 fiscal period-end)
• 2026/09/18　326,418 ZEC (company dashboard)

Based on the latest disclosed 326,418 ZEC, this represents approximately 1.9% of ZEC circulating supply (approximately 16.86 million); against the company's own target of 1,050,000 ZEC, approximately 31% complete.

⚠️ Do not mix the two bases: The 1.9% share is calculated against circulating supply, while the 5% target is calculated against the total network supply of 21 million—different denominators.

⚠️ Third-party tracker figures not adopted. Public tracker pages show holdings stuck at 294,743 ZEC as of March 2026, more than 30,000 less than the company's own disclosures. This article uniformly relies on company disclosures.

What it looks like financially. Because ZEC is recorded on the balance sheet, price movements directly become profit or loss: Q1 2026 net loss of $77.2 million (ZEC pullback), Q2 net income of $39.4 million, diluted EPS of $0.18 (ZEC moving from $243.35 to $400.09 generated approximately $46 million in unrealized gains), period-end cash of $7.6 million.

→ Same company, two directions within six months. This is not abnormal—it is the inevitable result of "putting coins on the balance sheet."

→ R&D expenses dropped from $10.5 million in the year-ago period to $200,000, while administrative expenses rose from $1.8 million to $4.5 million—the expense structure has shifted from pharmaceutical to asset management.

⚠️ Risks must be discussed too: On June 5, 2026, a vulnerability allowing counterfeiting of ZEC was discovered in Zcash's Orchard shielded pool. The network was urgently upgraded to patch it, with no evidence of exploitation, but the company's stock price fell sharply that day. The company's CIO subsequently reaffirmed the 5% accumulation target unchanged. Protocol-layer technical risks transmit directly to such targets—this is what most distinguishes it from ordinary listed companies.

4. Direct Holdings Type ②: The Zcash ETF (ZCSH)

What this is. ZCSH was converted from Grayscale Zcash Trust and listed on NYSE Arca on August 25, 2026. It is the first and currently only privacy coin spot ETF in the United States. It is not a stock—it is an exchange-traded fund.

Where the correlation comes from. The fund holds ZEC by shares, and NAV directly tracks ZEC price—among the five targets, this is the most directly correlated.

Several parameters you must know:

• Management fee 2.50%/year, paid in ZEC. For comparison, Bitcoin spot ETF fees are approximately 0.25%—ten times. Fees accrue daily; assuming flat coin price, over ten years fees alone would erode approximately 22% of share value.
• Custody: Coinbase Custody Trust Company; Prime Broker: Coinbase Inc.; Administration & Transfer: Bank of New York Mellon; Authorized Participants: Jane Street, Virtu.
• Scale: Officially announced surpassing $500 million on September 8, 2026.

🔴 The most important point to clarify: ZEC held by ZCSH is placed in transparent addresses, not shielded addresses. This is a design trade-off made to satisfy audit and creation/redemption verification requirements. The result—when you buy this ETF, you get ZEC price exposure, not Zcash's privacy features. To use shielded transactions, you still need to hold the coin yourself.

⚠️ A common factual error: The ticker GRAY does not currently belong to Grayscale. The issuer's parent company Grayscale Investments has filed an S-1 and plans to list on NYSE under GRAY, but has not yet completed its listing; at present, the GRAY ticker belongs to Graybug Vision (biotech, trading has ceased). To access Grayscale's line, currently only ZCSH is available.

5. Platform Business Type: Robinhood (HOOD), Coinbase (COIN), Gemini (GEMI)

What these three have in common: ZEC is one of the tradeable assets on their platforms, not their asset.

Robinhood Markets (HOOD) | Retail Brokerage Platform | 2,900 full-time employees

It serves as a US retail investment gateway, with stocks, ETFs, options, gold, and crypto in the same account. On April 24, 2026, it listed ZEC spot across the US, adopting a compliance design of "withdrawals limited to transparent t-addresses," viewed as a model for how US fintech platforms handle privacy coins. Among the five targets, it occupies only one channel—the simplest and thinnest correlation.

Coinbase Global (COIN) | Crypto Trading & Custody | 4,951 full-time employees

The largest compliant crypto exchange in the US, serving both retail and institutional clients, and providing custody and developer infrastructure. It occupies two channels: platform listing of ZEC spot, and serving as custodian for ZCSH (Coinbase Custody Trust safekeeps the ZEC held by the fund, Coinbase Inc. serves as prime broker). In ZEC's institutionalization, it is present at two points in the chain.

Gemini Space Station (GEMI) | Crypto Trading Platform | 650 full-time employees

Founded by the Winklevoss brothers, listed on September 12, 2025, with Tyler Winklevoss as current CEO. Business covers spot, perpetual contracts, custody, prediction markets, and crypto credit cards. The platform lists ZEC and is also the source of the strongest bullish narrative for ZEC—Tyler Winklevoss has publicly defined ZEC as "Bitcoin for crypto," with Bitcoin as digital gold and ZEC as digital cash.

⚠️ There is one easily miswritten point that must be distinguished: The investor in Cypherpunk is Winklevoss Capital (family fund), not the listed company Gemini Space Station. GEMI's correlation with ZEC comes from platform listing and founder narrative, not the company balance sheet. Writing it as "Gemini invested in a ZEC treasury company" is wrong.

A comparison by the way. Also categorized under "ZEC-related," CYPH is a 6-person company, COIN is a 4,951-person company. Employee count does not indicate business scale superiority or inferiority—it shows that these five targets are fundamentally not the same type of company and should not be measured with the same ruler.

6. One-Minute Concept: Correlation Does Not Equal Benefit—Three Types of Correlation Have Different Transmission Strengths

When you see the words "related target," the first question to ask is: When the coin price moves, how many layers must it pass through before reaching this company's financial statements?

① Direct Holdings Type (CYPH)—Direct to P&L.

The company puts ZEC on its balance sheet, and price movements directly become unrealized gains or losses. Q1 net loss of $77.2 million, Q2 net income of $39.4 million—same company, two directions within six months. Shortest transmission path, largest volatility.

② Product Tracking Type (ZCSH)—Into Scale and Fees.

The fund holds ZEC by shares, with revenue from management fees. Fee rate 2.50%/year, versus 0.25% for Bitcoin spot ETFs. What determines it is scale and fee rate, not any single day's coin price.

③ Platform Business Type (HOOD/COIN/GEMI)—Diluted by Hundreds of Assets.

ZEC is just one of hundreds of tradeable assets on the platform. Increased privacy coin trading volume does flow into fee revenue, but it must be spread across all other assets. The most layers separate coin price from company financials—the longest transmission path.

A transferable criterion: Next time you see any "so-and-so concept stock," first answer three questions—Does this company hold it? Does this company's product track it? Or is it just one of the things this company sells? Once you answer all three, the correlation strength ranks itself—no one needs to give you a ranking.

7. What's Not on This List Is Equally Worth Discussing

The parts excluded during verification reveal more about the boundaries of this theme than what remains:

① No US-listed miner with ZEC as primary revenue. ZEC uses the Equihash algorithm and is mined with specialized ASICs, with hash rate concentrated among non-listed miners. After checking each one, no US-listed miner could have ZEC as its primary revenue source, so this article does not include any. This is "if it doesn't verify, don't write it," not an omission.

② Reliance Global Group (EZRA, formerly RELI) has a connection, but insufficient disclosure. This is an insurance brokerage and insurtech company that announced in November 2025 it would convert all its existing digital assets into ZEC, and added more on December 8. ⚠️ However, the company did not disclose the holding quantity—this is "the company didn't publish it," not "we couldn't find it"—the two must not be conflated. Additionally, the company executed a 1-for-40 reverse stock split on May 14, 2026, to comply with Nasdaq minimum price requirements, with the ticker changed from RELI to EZRA. Insufficient disclosure plus reverse split—this article places it outside the main text.

③ Grayscale Investments itself has not yet listed, for reasons stated in Section 4.

Frequently Asked Questions

Q: Does buying the ZCSH ETF mean I get access to Zcash's privacy features?

A: No. ZEC held by ZCSH is placed in transparent addresses, not shielded addresses—a design choice made for audit and creation/redemption verification. What you get is ZEC price exposure, not privacy features. To use shielded transactions,