Grayscale Moves To List First U.S. Zcash ETF After 1,000% Rally

Grayscale has taken a major step toward launching the first U.S. exchange-traded fund for Zcash, filing an S-3 registration with the SEC to convert its existing Zcash Trust into a spot ETF.

The move follows the privacy coin’s explosive rise of more than 1,000% year-to-date and reflects growing investor demand for regulated exposure to privacy-focused assets.

Zcash has also rallied 40% over the past month, overtaking Monero to become the largest privacy cryptocurrency by market capitalization. Its increasing popularity is driven by expanding shielded transactions—encrypted transfers that now account for roughly 30% of network activity. Additionally, between 20% and 25% of all ZEC is stored in shielded addresses, signaling rising long-term participation.

If approved, this ETF would be the first of its kind in the U.S. and a milestone for privacy assets, especially at a time when broader markets have struggled. Grayscale believes investors are seeking regulated access to digital-privacy infrastructure.

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