Grayscale Moves Closer to Launching First U.S. Zcash ETF

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By José Oramas August 24, 2026 In ETF, Grayscale Investments, Zcash

Grayscale’s 21 August filings set an anticipated NYSE Arca listing on or about 25 August under the ticker ZCSH, subject to the receipt of certain regulatory approvals.
Amendment No. 5 fills in the sponsor’s fee at 2.5% a year, a rate left blank in the fourth amendment filed three days earlier.
The trust’s net asset value was US$155.16 million (AU$217.22 million) at 30 June, and its shares were quoted below NAV per share on 700 days since October 2021.

Grayscale’s Zcash Trust is anticipated to begin trading on NYSE Arca on or about 25 August under the ticker ZCSH, according to a Form 8-K the trust filed on 21 August, subject to the receipt of certain regulatory approvals.

Grayscale Investments Sponsors announced the same day that it intends to rename the trust The Zcash ETF, effective on or about 25 August and subject to the same approvals. The 8-K, signed by interim chief financial officer Kathryn Masci, states that “no assurance can be given that the Shares of the Trust will list and trade on the Sponsor’s anticipated timeline, or at all.”

Amendment No. 5 to the trust’s Form S-3 landed the same day. It sets the sponsor’s fee, the trust’s only expected ordinary recurring expense, at an annual rate of 2.5% of the NAV fee basis amount, accruing daily. That rate was left blank in Amendment No. 4 on 18 August.

What the Filing Sets Out

Coinbase Custody Trust Company holds the ZEC and Coinbase is the prime broker, with Bank of New York Mellon as transfer agent and administrator and CSC Delaware Trust Company as trustee. Net asset value was US$155.16 million (AU$217.22 million) at 30 June, or US$32.13 (AU$44.98) a share, and the trust held about 2.3% of the 16.7 million ZEC then in circulation.

Once listed, the trust intends to issue shares on a continuous basis, registering an indeterminate number of them.

Shares were quoted on OTCQX below NAV per share on 700 days between 18 October 2021 and 30 June 2026, with a maximum discount of 55% and a maximum premium of 240%. Grayscale expects the market price and NAV per share to converge once the shares list.

DCG Still in Discussions

Grayscale is in discussions with DCG International Investments, a wholly owned indirect subsidiary of Digital Currency Group, over the unit acquiring shares in exchange for roughly 200,000 ZEC.

“Because these discussions are not binding agreements or commitments to purchase, the Potential Investor could determine to purchase more, fewer or no Shares”, the filing states.

Digital Currency Group is also the indirect parent of the sponsor. Grayscale first filed to convert the trust in November 2025, a plan that later drew a warning from one ETF analyst that a privacy-coin fund could “split the vote” against Bitcoin.

ZEC traded at US$832.28 (AU$1,165.19) at 05:07 UTC on 24 August, up 7.32% over 24 hours, with a market capitalisation of US$14.05 billion (AU$19.67 billion), CoinGecko data shows. If the listing clears, the fund would be the first US ETF holding ZEC directly. The SEC has not approved or disapproved the shares.