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- The Grayscale ZCash Trust holds 394,000 ZEC as it moves to bring the first ZEC-linked ETP.
- Community reactions vary, with some arguing that an ETF undermines Zcash’s decentralization.
Crypto asset manager Grayscale shows willingness to ride on the recent wave surrounding privacy coin ZCash (ZEC). On Wednesday, November 26, the asset manager submitted the Form S-3 to the U.S. Securities and Exchange Commission (SEC) to bring the ZEC exchange-trader products (ETP) to the market. ZEC has outperformed the broader crypto market, with 55% gains over the past month, and currently trades above $500.
We’ve filed the ZCSH Form S-3 – an important step required to launch the first ZEC ETPs.
Zcash launched in 2016. Seeing the potential of the Zcash protocol, we launched Grayscale Zcash Trust (Ticker: ZCSH) as a private placement in 2017.
— Grayscale (@Grayscale) November 26, 2025
Back in 2017, the asset manager already launched its ZEC Trust as a private placement. Grayscale is following the same playbook as it did with BTC, ETH, and other assets to launch their respective ETPs. The development comes just as Nasdaq-listed Reliance Group makes an all-in move for ZCash Treasury.
Privacy coin ZCash is drawing greater attention among institutional players these days. It enables shielded, zk-SNARK–powered transactions with selective disclosure. Grayscale believes that this feature is increasingly important as privacy becomes a core component of the crypto ecosystem. Moreover, the company said that it considers ZEC an essential asset within a diversified digital portfolio.
The crypto asset manager stated that it has submitted the ZCSH registration statement as well as its prospectus to the U.S. Securities and Exchange Commission (SEC). As of now, the Grayscale ZCash Trust (ZCSH) holds a total of 394,000 ZEC, worth more than $197 million.
As per the SEC filing, ZCSH controls a total of 2.4% of the overall ZCash circulating supply. In also among the most preferred privacy coins by institutional players. Thus, converting the Trust into an ETF could drive further attention.
Big corporate players have already started building their ZCash treasury, with Winklevoss-backed Cypherpunk Technologies announcing this plan earlier this month, as mentioned in our previous story.
On this recent development, some community members have expressed their displeasure. Eric Van Tassel, an X (Twitter) user, voiced opposition to the idea of a ZEC exchange-traded fund, arguing that such a product runs counter to Zcash’s core mission. He said he hopes ZEC “never gets one,” claiming that an ETF would undermine decentralization and describing the structure as “a Trojan horse.”
ZEC Price in Recovery Mode Again?
Despite the broader crypto market downturn, the ZEC price has outperformed, rallying from under $50 all the way to $730. Since hitting the top earlier this month, the altcoin has seen some price retracement and is currently flirting with $500.
Crypto analyst Ardi noted that despite the recent ZEC price retracement, it continues to hold the key $480 liquidity zone. This has prevented further breakdown for the altcoin. On the upside, ZEC faces resistance around $540, followed by a supply zone between $580 and $611.
Breaking past these levels would confirm the uptrend and set ZEC for another rally to $700. However, this outlook is valid as long as the altcoin maintains the support.
