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Grayscale is seeking to convert its Zcash Trust into a spot exchange-traded fund, a move that would test investor demand for regulated exposure to a privacy-focused cryptocurrency.
Grayscale’s filing proposes an NYSE Arca listing under the ticker ZCSH, contingent on regulatory approval. If the registration becomes effective, the trust would be renamed the Grayscale Zcash Trust ETF, and the shares would list on NYSE Arca.
The proposed fund’s objective is to hold ZEC and have the share value track the value of ZEC held by the trust, minus fees and liabilities.
The filing does not mean the ETF has been approved. The prospectus states that the information is “not complete and may be changed.” It also notes that shares cannot be sold until the SEC registration statement becomes effective.
Grayscale also cautions that investors are not buying ZEC directly. Instead, the shares are designed to provide exposure to ZEC through the trust structure. The filing lists Coinbase Custody as custodian and Coinbase Inc. as prime broker.
In its latest quarterly filing, the trust reported holding approximately 391,103.89 ZEC as of March 31, 2026. At quarter-end, the ZEC investment had a fair value of $99.4 million, down from $200.4 million at the end of 2025.
The ETF push follows the SEC’s closure of its probe into the Zcash Foundation in January, without recommending enforcement action or regulatory changes. The foundation had received a subpoena in August 2023 related to an inquiry into certain crypto asset offerings.
ZEC has also drawn renewed institutional interest. Multicoin Capital co-founder Tushar Jain said the firm had built a large position in the privacy coin. Related market updates reported that ZEC surged by more than 40% after Jain disclosed that Multicoin had accumulated ZEC since February 2024.
At press time, Zcash (ZEC) traded near $560, according to crypto.news data, with nearly a 2% decline over the past day and a 33% increase over the past week. The rally pushed ZEC near $600 before cooling.
Separate reports also pointed to rising investor interest ahead of Zcash’s FCMP++ upgrade, which aims to improve privacy and scalability features.
If approved, the proposed ETF could provide a new route for traditional investors to gain exposure to ZEC. However, approval remains uncertain, and the next steps depend on SEC review, exchange listing approval, and whether regulators accept a spot ETF tied to a privacy-focused crypto asset.
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