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Grayscale Files for Landmark Zcash ETF in US
28 Nov
Summary
- Grayscale seeks to convert its Zcash Trust into a spot ETF.
- Zcash has surged over 1,000% year-to-date, outperforming BTC and ETH.
- Shielded adoption and encrypted transactions have significantly increased.
Grayscale is pioneering the first U.S. exchange-traded fund (ETF) tracking Zcash (ZEC), a privacy coin that has rapidly entered the mainstream in 2025. The firm submitted an S-3 registration statement to the SEC, aiming to transform its existing Zcash Trust into a spot ETF, mirroring its successful strategy with its Bitcoin Trust.
This potential Zcash ETF signals heightened investor attention towards privacy-preserving crypto assets amid a challenging year for broader markets. Zcash has experienced an extraordinary year-to-date climb of over 1,000%, with a 40% increase in the last month alone, surpassing both Bitcoin and Ether in performance.
Once considered experimental, Zcash has evolved into a functional digital cash system. Shielded adoption, Zcash's encrypted transactions, saw a spike in 2025. Approximately 30% of ZEC transactions now utilize the shielded pool, and 20-25% of the total supply is held in encrypted addresses, making it the largest privacy-focused cryptocurrency.
