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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.