ZEC Drops 1.1% on NOV 30 Amid Grayscale’s Zcash ETF Filing

Grayscale has taken a pivotal step in the evolution of Zcash by filing to convert its Zcash Trust into the first U.S. spot ETF tracking the privacy-focused cryptocurrency. The move comes amid Zcash's remarkable year-to-date surge of 709.35%, far outpacing major cryptocurrencies such as bitcoin and ether. The ETF filing was submitted using an S-3 registration statement with the SEC, mirroring Grayscale’s earlier success in converting its Bitcoin Trust into an ETF in 2024.

Zcash’s adoption of shielded transactions has seen a notable increase in 2025, with approximately 30% of ZEC transactions now involving the shielded pool. Additionally, between 20% and 25% of the total ZEC supply is now held in encrypted addresses, highlighting a growing preference for privacy-preserving digital assets among investors. This shift underscores the broader trend of users seeking enhanced transaction confidentiality, particularly in a year when overall crypto markets have faced volatility.

Despite these developments, ZEC’s price fell by 1.1% in the last 24 hours, reaching $455.77 as of NOV 30, 2025. Over the past week, the price has declined by 10.93%, while it has risen by 12.55% within the last month. The ETF filing by Grayscale is seen as a potential turning point for Zcash, potentially boosting institutional interest and expanding its market profile beyond niche privacy-focused circles.

The proposed ETF could mark a significant milestone for the cryptocurrency sector, demonstrating growing legitimacy for privacy coins in the mainstream financial ecosystem. If approved, it would reflect a shift in investor sentiment toward digital assets that prioritize anonymity and security. Analysts project that the increased exposure from an ETF listing could attract a broader demographic of investors, including those previously hesitant to engage with privacy coins.

Zcash’s performance in 2025 has already signaled its emergence as a competitive alternative to more established cryptocurrencies. With shielded adoption rising and a strong price trajectory over the past year, the Zcash network appears to be gaining traction as a viable option for users seeking enhanced privacy in digital transactions. The Grayscale filing adds another layer of institutional backing, potentially accelerating this trend.

As the SEC reviews the ETF application, the market will be closely watching for regulatory signals that may influence the broader adoption of privacy-centric cryptocurrencies. The outcome of this filing could set a precedent for similar proposals and further shape the regulatory landscape for digital assets in the U.S.