PANews reported on May 20th that, according to The Block, the Zcash Foundation disclosed that it held approximately $36.69 million in liquid assets at the end of the first quarter, including approximately $21 million in ZEC, $12.6 million in cash and USDC, and a small amount of Bitcoin and ETH. Operating expenses for the first quarter were approximately $817,000, with team salaries accounting for the largest proportion. This latest disclosure is consistent with the Zcash Foundation's previous financial reports, which showed that capital expenditures in recent quarters have been below $1 million.

Previously, all employees of Electric Coin Company resigned to form a new for-profit company called Zcash Open Development Lab. Alex Bornstein, executive director of the Zcash Foundation, stated that the governance dispute led to the departure of most of the ECC development team, but the Zcash network remains a decentralized open-source protocol, and no single organization can control it. The foundation also helped Zcash launch the Zebra 4.0 upgrade this quarter, as well as other engineering work, including improvements to FROST, progress on the Z3 stack, NU7 governance polling, and AI-driven tools.