Barry Silbert, CEO and founder of Digital Currency Group, purchased more ZCash to increase his company’s vault, as the price of the token exceeded $240 for the first time in a few days.

In a tweet sent to more than 678,000 followers on Wednesday, Silbert Announce Purchased $85 million of Zcash (Jersey), or approximately 376,106 tokens, assuming an average price of $226. This acquisition is only Silbert’s latest move, and he seems to portray himself as a contrarian investor in the cryptocurrency market-responding to negative comments on ZEC by buying millions of dollars.

Well, what you asked for. We bought another $85 million in Zcash $ZEC

Pray for us… https://t.co/Pv6i0LO789

— Barry Silbert (@BarrySilbert) December 1, 2021

According to the data from Cointelegraph Markets ProAfter Silbert’s announcement, the price of ZEC soared by more than 7%, from $226.08 to $243.84. However, shortly after its core agreement transitioned from proof-of-work to proof-of-stake, it has fallen more than 20% since reaching a six-month high of more than $300 on Thursday.

related: As Zcash developers rolled out the transition to proof-of-stake, the price of ZEC increased by 20% in one day

Cryptocurrency giants like Silbert may buy ZEC because they expect that more tokens from the project will stop circulating due to the lock-up period. The Electric Coin Company, the main developer of Zcash, Announce On Friday, users will be able to pledge some of their assets to a dedicated ZEC smart contract and become validators on their blockchain.

Digital Currency Group operates Grayscale, a digital asset management company with assets under management of USD 53.5 billion, which provides investors with cryptocurrency exposure through its trust.Company first Listed its Grayscale Zcash Trust On the OTCQX best market in October. Silbert also hinted that the company is making plans Convert its Bitcoin Trust Become a spot-settled Bitcoin exchange-traded fund.