BitMEX co-founder Arthur Hayes published on X on May 22 his “Holy Trinity” holdings: HYPE (Hyperliquid), NEAR, and ZEC (Zcash). Hayes said that as tech giants, governments, and AI expand surveillance, currency privacy will become necessary—this is why he listed Zcash as his second-largest holding.
Zcash (ZEC): Privacy Demand, Quantum Risks, and Grayscale ETF Filing
Multicoin Capital disclosed in May 2026 that it has been accumulating ZEC since February; since then, ZEC surged to $642 (a five-month high) in May. Over the 30 days before Grayscale submitted its application, ZEC rose by more than 115%. About 30% of the circulating supply has been placed into shielded balances (a historical record). Grayscale has filed an application to convert the Zcash Trust into the United States’ first spot privacy-coin ETF (pending SEC approval). A Google research lab released a white paper in April 2026 confirming that future quantum computers may break the elliptic-curve cryptography used by Bitcoin and Ethereum; ZEC’s zk-SNARK architecture has stronger post-quantum resilience at the technical design level. Cypherpunk bought nearly 30,000 ZEC at an average price of about $603. After the FCMP++ protocol upgrade expanded the anonymous set coverage range for all ZEC transactions, ZEC was also relisted after being delisted on OKX.
Hyperliquid (HYPE): Protocol Revenue Data Confirmed
In an article published in early 2026, Hayes set HYPE’s target price at $150 (projected to be reached in August 2026), based on protocol revenue data. Verifiable data: Hyperliquid’s 2025 nominal trading volume was about $2.6 trillion (more than Coinbase’s $1.4 trillion in the same period). In early 2026, HYPE accounted for about 70% of the open interest in decentralized perpetual futures. The single-day revenue peak in January 2026 was nearly $4.3 million. Active users reached 1.4 million (up more than 350% from 2024). 97% of protocol revenue is used for HYPE buybacks and burns. About 1.2 million HYPE tokens unlock each month, and competitors like Aster and Lighter have begun to encroach on market share.
NEAR: Transformer Paper Co-Author and NEARCON 2026 Product Launch
NEAR co-founder Illia Polosukhin is one of the original authors of the paper “Attention Is All You Need,” which laid the foundation for Transformer AI systems such as ChatGPT. In February 2026, NEARCON unveiled IronClaw (a privacy-first branch of the OpenClaw framework) and a confidential GPU market, and NEAR rose 45% within the next 7 days. Historically, NEAR has experienced long-term pullbacks after sharp rallies; governance controversies in early 2026 had threatened the $3 support level, but a rebound appeared after NEARCON.
FAQ
Does Hayes’s “Holy Trinity” post guarantee that these three assets will rise?
No. Hayes’s post represents his personal current positions and investment thesis, not a guarantee of future returns. The report notes that Hayes’s past judgments on buy timing have been inconsistent—even if his directional call ultimately proved correct. Grayscale’s Zcash ETF application has not yet been approved, and the classification of ZEC as a privacy coin faces regulatory risks in multiple jurisdictions.
What is the current status of Grayscale’s Zcash spot ETF application?
As of this report, Grayscale has submitted the application, but it is still pending SEC approval and does not guarantee approval. Over the 30 days before the application was filed, ZEC has risen by more than 115%.
How does ZEC’s zk-SNARK architecture address the threat of quantum computing?
A Google research lab confirmed in April 2026 that future quantum computers may break the elliptic-curve cryptography used by Bitcoin and Ethereum. ZEC’s zk-SNARK architecture has stronger post-quantum resilience in its technical design, but the specific timeline of the quantum threat and the real-world level of resistance provided by different architectures need to be determined based on the latest industry technical research.
