Grayscale has filed to convert its Zcash Trust into a spot exchange-traded fund, putting regulated exposure to privacy coin ZEC before U.S. regulators. The proposed Zcash ETF would list on NYSE Arca if registration becomes effective and listing approval follows.
The filing shows that the trust would be renamed Grayscale Zcash Trust ETF. The product would be listed on the ticker ZCSH. Its aim is to hold ZEC and reflect the value of those holdings, minus fees and liabilities.
Also Read: Ethereum ETF inflows Surge Past $356 Million After Months of Outflows Return
Zcash ETF Shares Still Need SEC Clearance
The filing did not confirm SEC approval. The prospectus notes that the information may be incomplete and subject to change. It also provides that shares may not be sold until the registration statement becomes effective.
Grayscale also said investors would not buy ZEC directly through the product. The shares would give exposure through the trust structure. Coinbase Custody is listed as custodian, while Coinbase Inc. is listed as prime broker.
On March 31, 2026, the trust’s most recent quarterly filing indicated it owned approximately 391,103.89 ZEC. The ZEC investment had a fair market value of $99.4 million at the end of that quarter. That was down from the $200.4 million at the end of 2025.
The news of the Zcash ETF push comes after another regulatory development of the project. The SEC closed its investigation of the Zcash Foundation without recommending any action. In August 2023, the foundation was served with a subpoena in connection with an investigation into some crypto asset offerings.
ZEC Draws Institutional Interest After SEC Probe Ends
That prediction cleared Zcash of an entire regulatory issue it had faced for years. As reported earlier, Zcash also supports shielded transactions. These transactions enable users to keep details private while making transfers verifiable on-chain.
The filing came as institutional interest in ZEC also drew attention. Multicoin Capital co-founder Tushar Jain revealed that the crypto hedge fund had been taking a big position on ZEC since February 2026. He referred to Zcash as a macro hedge.
The Zcash ETF plan is a familiar trust conversion strategy for Grayscale. The firm has already changed its Bitcoin and Ethereum trusts to spot ETFs. The ZEC filing now applies that to a privacy-focused crypto asset.
It also follows the trend of earlier crypto ETFs. Bitcoin experienced institutional buying prior to the spot ETF approvals in January 2024. But the Zcash ETF will rely on SEC registration effectiveness and NYSE Arca listing approval.
As of writing, Zcash trades at $555.31. The token’s price dropped by 3.31% in the past day. However, ZEC remained up 32.16% during the past week.
Also Read: Circle Secures $222 Million in ARC Token Private Sale Alongside Rising USDC Adoption
