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Grayscale Files to List First Zcash ETF in the U.S. Amid 1,000% Rally
The crypto asset manager is converting its Zcash Trust into a spot ETF, betting on rising demand for privacy coins as ZEC outpaces BTC and ETH.
Nov 26, 2025, 3:05 p.m.
What to know:
- Grayscale has filed to convert its Zcash Trust into the first U.S. spot ETF tracking the privacy-focused cryptocurrency.
- The move follows Zcash's 1,000% price surge in 2025 and rising interest in encrypted, shielded transactions.
- If approved, the ETF would mark a milestone for privacy coins, signaling growing investor demand for digital cash alternatives.
Grayscale is moving to list the first U.S. exchange-traded fund (ETF) tracking Zcash , a once-niche privacy coin that has surged into the crypto mainstream in 2025.
The firm filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) Wednesday morning, seeking to convert its existing Zcash Trust into a spot ETF. The move mirrors Grayscale’s strategy with other products like its Bitcoin Trust, which was the first to be converted into an ETF in 2024.
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If approved, the fund would be the first Zcash ETF in the U.S. and a signal that investors are paying closer attention to privacy-preserving crypto assets, particularly in a year when broader markets have struggled.
Zcash has climbed more than 1,000% year-to-date and is up 40% in the last month alone, outperforming both bitcoin and ether . Once viewed as an experimental privacy tool, Zcash has steadily evolved into what some see as functional digital cash.
In 2025, shielded adoption — Zcash’s version of encrypted transactions — spiked. Roughly 30% of ZEC transactions now involve the shielded pool, and between 20% and 25% of the total supply is held in encrypted addresses. That growth helped Zcash surpass Monero in market capitalization, becoming the largest privacy-focused cryptocurrency.
With the ETF filing, Grayscale is betting that investors want exposure to this kind of digital privacy infrastructure — and are ready to back a coin that has, for now, outpaced the majors.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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