Grayscale’s Zcash ETF begins trading on NYSE Arca

Grayscale Zcash ETF began trading today under the symbol $ZCSH, marking the first exchange-traded product in the United States to provide spot exposure to ZEC, Zcash’s native token.

What’s the scoop?

• The structure: ZCSH converts Grayscale’s long-standing private Zcash Trust into a redeemable ETP holding real ZEC, held by Coinbase, with BNY as trustee and Jane Street and Virtu as authorized participants.
• The numbers: The fund launched with approximately 387,000 ZEC (~$313 million in assets under management) and charges a hefty annual fee of 2.50% (e.g., approximately 10 times a typical Bitcoin ETF), with initial fee revenue going towards the development of the Zcash ecosystem.
• The pitch: Grayscale defines ZEC as “privacy-optional Bitcoin” with its 21 million supply cap, halvings, and a protected pool of approximately 4.4 million ZEC (26% of supply) that the July Ironwood upgrade made more efficient. ZEC itself rallied in the listing, approaching multi-year highs near $800-$900.
• The irony: ZCSH holds its ZEC in transparent Coinbase custodial wallets, so the ETF provides investors with price exposure without touching the protected technology that makes Zcash a privacy asset in the first place.