Grayscale has filed to transform its Zcash Belief right into a spot exchange-traded fund, organising a possible first for regulated publicity to a privateness coin within the U.S. ETF market. If authorised and listed, the product would give buyers exchange-traded entry to ZEC with out requiring them to custody the asset instantly.
The proposed ETF would maintain ZEC, the native asset of the Zcash community, and is anticipated to checklist on NYSE Arca below the ticker “ZCSH.” The submitting says the belief can be renamed Grayscale Zcash Belief ETF as soon as the registration turns into efficient and the shares are listed.
Grayscale Brings Zcash Into the Spot ETF Race
The submitting pushes Zcash right into a class that has to this point been dominated by bigger, extra liquid crypto property. Spot Bitcoin ETFs and spot Ether ETFs created a template for regulated crypto publicity, however a Zcash product would take a look at whether or not that construction can prolong to an asset whose market identification is intently tied to privacy-preserving transactions.
Grayscale’s registration assertion describes the product in direct phrases. “The Belief’s function is to carry ‘ZEC’, that are digital property which are created and transmitted via the operations of the peer-to-peer Zcash Community, a decentralized community of computer systems that operates on cryptographic protocols. The Belief’s funding goal is for the worth of the Shares (based mostly on ZEC per Share) to mirror the worth of ZEC held by the Belief, as decided by reference to the Index Worth, much less the Belief’s bills and different liabilities.”
The submitting additionally stresses that the shares aren’t the identical as holding ZEC instantly. “Whereas an funding within the Shares isn’t a direct funding in ZEC, the Shares are designed to offer buyers with an economical and handy method to acquire funding publicity to ZEC. Grayscale Investments Sponsors, LLC is the sponsor of the Belief.”
The belief is structured as a Delaware statutory belief. Grayscale Investments Sponsors, LLC is listed as sponsor, CSC Delaware Belief Firm as trustee, The Financial institution of New York Mellon as switch agent and administrator, Coinbase, Inc. as prime dealer, and Coinbase Custody Belief Firm, LLC as custodian.
Belief Held Almost 391,104 ZEC at Quarter-Finish
The prevailing Grayscale Zcash Belief already holds a fabric ZEC place. In its newest quarterly submitting, the belief reported 391,103.88769118 ZEC as of March 31, 2026, down from 393,522.33134026 ZEC on the finish of 2025. Utilizing the submitting’s acknowledged honest worth of $254.27 per ZEC, that place was price roughly $99.45 million at quarter-end, with Coinbase recognized because the principal marketplace for valuation functions.
The registration assertion says creations and redemptions would happen in blocks of 10,000 shares, known as baskets. As of Nov. 21, 2025, roughly 817.0998 ZEC had been required to create one basket of 10,000 shares.
For now, the submitting describes a cash-order mannequin. Beneath that construction, a licensed participant deposits or receives money, whereas a third-party liquidity supplier sources or receives the ZEC. The belief isn’t presently in a position to course of in-kind creations and redemptions with licensed members, although NYSE Arca could later search approval for that mannequin.
Privateness-Coin Context Returns to the Foreground
The submitting follows a notable shift within the regulatory backdrop round Zcash. The SEC concluded its assessment of the Zcash Basis with out recommending enforcement motion or different adjustments, easing a long-running concern round one of many crypto market’s best-known privacy-focused networks.
The Zcash Basis mentioned: “We’re happy to announce that the SEC has concluded its assessment and knowledgeable us that it doesn’t intend to advocate any enforcement motion or different adjustments towards Zcash Basis concerning this matter. This final result displays our dedication to transparency and compliance with relevant regulatory necessities. Zcash Basis stays targeted on advancing privacy-preserving monetary infrastructure for the general public good.”
The SEC’s conclusion doesn’t quantity to ETF approval. It does, nonetheless, change the setting for Grayscale’s try to convey a privacy-coin product right into a regulated public-market wrapper.
At press time, ZEC traded at $551.44.
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