Digital Currency Group CEO and founder Barry Silbert has purchased more ZCash to add to his company's coffers equally the price of the token moved above $240 for the first time in days.

In a Midweek tweet to his more 678,000 followers, Silbert announced the purchase of $85 1000000 in Zcash (ZEC), or roughly 376,106 tokens assuming an average price of $226. The buy is just the latest for Silbert, who seems to exist portraying himself as a contrarian in the crypto market — responding to negative comments on ZEC past purchasing millions more.

According to data from Cointelegraph Markets Pro, the price of ZEC surged more than than 7% post-obit Silbert'southward announcement, from $226.08 to $243.84. Nonetheless, it has fallen more than xx% since reaching a six-calendar month high of more than $300 on Thursday, before long after its core protocol's transition from proof-of-work to proof-of-stake.

Related: ZEC price jumps 20% in one mean solar day as Zcash devs unveil transition to proof-of-stake

Crypto whales like Silbert may be buying ZEC in apprehension of more of the project's tokens going out of apportionment due to lockup periods. Zcash's main developer, Electrical Money Visitor, announced on Friday that users would be able to pale a portion of their holdings into a dedicated ZEC smart contract to get validators on its blockchain.

Source: TradingView

Digital Currency Group operates Grayscale, a $53.5 billion AUM digital asset director thursday offers investors exposure to cryptocurrencies through its trusts. The firm first listed its Grayscale Zcash Trust on the OTCQX Best Market place in October. Silbert has also hinted that the company is making plans to convert its Bitcoin Trust into a spot-settled Bitcoin commutation-traded fund.