ZEC -5.08% as Grayscale Files to Convert Zcash Trust into Spot ETF

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Grayscale Investments has taken a regulatory step toward launching the first U.S. exchange-traded fund (ETF) for Zcash (ZEC), filing a registration statement with the Securities and Exchange Commission. The proposed ETF, to be listed on NYSE Arca under the ticker ZCSH, will convert the existing Grayscale Zcash Trust into a tradable ETF. This move aligns with the firm’s broader strategy to bring institutional-grade exposure to digital assets.

The Zcash Trust currently holds approximately 394,400 ZEC, valued at around $199.2 million at current prices. If approved, the ETF would be the first spot Zcash product listed on a U.S. stock exchange, making it more accessible to traditional and institutional investors. Coinbase Custody has been named as the custodian, while the Bank of New York Mellon will serve as transfer agent and administrator.

Grayscale’s filing highlights the growing institutional interest in privacy-focused cryptocurrencies. ZEC, which enables optional shielded transactions through zero-knowledge proofs (zk-SNARKs), has seen increased adoption as regulatory and market conditions evolve. The firm’s chief legal officer, Craig Salm, emphasized the importance of ZEC in a well-balanced digital asset portfolio, noting its role in preserving privacy on blockchain networks.

The conversion process is expected to face a variable timeline, as seen with previous Grayscale trust-to-ETF transitions. For example, the firm’s Dogecoin Trust conversion was approved in about three months, while its multi-crypto ETF took nearly a year from filing to launch. Approval for the Zcash ETF will depend on regulatory review and market dynamics.

Reliance Global Group, Inc. has also recently increased its Zcash exposure as part of its Digital Asset Treasury (DAT) strategy. The company cited ZEC’s Bitcoin-based security model, optional privacy features, and selective disclosure mechanisms as reasons for the investment. This move signals a strategic allocation toward privacy-enabling digital assets and reflects confidence in ZEC’s long-term value. However, the company has also highlighted risks such as market liquidity, regulatory uncertainty, and concentration risk.

ZEC’s recent price performance reflects heightened demand and strategic investor moves. As of Nov. 27, 2025, ZEC is trading at $501.66, marking a 5.08% drop over the last 24 hours, a 3.42% decline over seven days, a 23.63% increase over one month, and a 789.04% rise over the past year. The token has surged over 500% in the past two months, driven by whale activity, steady open interest, and growing institutional adoption.

Despite the recent price dip, analysts remain cautiously optimistic. Technical indicators suggest that ZEC may face further consolidation, though the overall bullish trend remains intact. The ZEC/USD 14-day RSI stands at 45.006, indicating a neutral stance, while moving averages show a strong sell bias. Market observers are closely watching how the ETF conversion progresses and whether it leads to broader institutional adoption and increased liquidity.

Grayscale’s Zcash Trust filing marks a pivotal moment in the token’s history, potentially bridging the gap between privacy-preserving blockchain protocols and mainstream financial markets. With increased transparency in custody and regulatory compliance, the proposed ETF could serve as a regulated gateway for investors seeking exposure to ZEC without directly handling the asset. If successful, the ZCSH ticker could become a cornerstone of Zcash’s future within institutional portfolios.

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