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Grayscale is taking another step in expanding its crypto ETF roster, this time targeting one of the industry’s longest-standing privacy coins.
The asset manager has filed with U.S. regulators to turn its existing Zcash Trust into a fully tradable exchange-traded fund – a move that would make it the first firm to bring a ZEC-specific ETF to the American market.
The filing, submitted to the SEC this week, outlines a product designed to mirror the price of Zcash while accounting for the trust’s expenses. Grayscale’s current Zcash Trust oversees roughly $196 million in assets, reflecting steady institutional interest in the token since its launch in 2016. ZEC, built by the Zerocoin Electric Coin Company, remains one of the most recognized privacy-focused cryptocurrencies and ranks among the top 25 digital assets by market value.
Grayscale framed Zcash as increasingly relevant in a landscape where privacy features are becoming a core component of crypto infrastructure, saying the asset plays a meaningful role in diversified digital-asset portfolios.
The move fits into a broader conversion wave at the firm. Over the past month, Grayscale has transformed several of its long-running closed-end trusts – including products tied to XRP, Dogecoin, and Solana – into exchange-traded funds. The company began these transitions after successfully launching its spot Bitcoin ETF, a milestone that came only after a lengthy legal battle with the SEC.
With regulators under the current administration adopting a more accommodating stance toward digital-asset products, ETF issuers have rushed to bring a wider range of crypto exposure to mainstream investors. If approved, a Zcash ETF would mark another expansion of that momentum, adding a privacy-focused asset to the growing family of U.S.-listed crypto funds.