Grayscale's Zcash ETF Begins Trading on NYSE Arca

Grayscale's Zcash ETF started trading today under the ticker $ZCSH, marking the first U.S. exchange-traded product to offer spot exposure to ZEC, Zcash's native token.

What's the Scoop?

• The structure: ZCSH converts Grayscale's long-running private Zcash Trust into a redeemable ETP holding actual ZEC, custodied by Coinbase, with BNY as administrator and Jane Street and Virtu serving as authorized participants.
• The numbers: The fund launched with roughly 387,000 ZEC (~$313M AUM) and charges a steep 2.50% annual fee (e.g. about 10x a typical Bitcoin ETF) with early fee revenue earmarked for Zcash ecosystem development.
• The pitch: Grayscale frames ZEC as "Bitcoin with optional privacy" with its 21M supply cap, halvings, and a shielded pool of roughly 4.4M ZEC (26% of supply) that July's Ironwood upgrade made more efficient. ZEC itself has rallied into the listing, nearing multi-year highs near $800-900.
• The irony: ZCSH holds its ZEC in transparent Coinbase custody wallets, so the ETF gives investors price exposure without touching the shielded tech that makes Zcash a privacy asset in the first place.