Grayscale files updated paperwork for first US Zcash ETF

Grayscale submits fifth amendment for Zcash ETF

Grayscale has filed its fifth amended paperwork with the U.S. Securities and Exchange Commission (SEC) to launch a spot Zcash exchange-traded fund (ETF). An ETF is a fund that tracks the price of an asset and trades on a stock exchange, making it easier for investors to buy and sell without holding the asset directly.

The proposed ETF would convert Grayscale’s existing Zcash Trust into a spot ETF, which means it would hold Zcash (ZEC) directly. If approved, this would be the first ETF in the U.S. to track Zcash, a cryptocurrency focused on privacy.

Key details from the filing

• Grayscale renamed the trust to The Zcash ETF.
• The ETF would trade on NYSE Arca under the ticker symbol ZCH.
• The annual sponsor fee was set at 2.5%.
• The Bank of New York Mellon would serve as the transfer agent.
• Coinbase Custody Trust Company would hold the Zcash as the custodian.
• The trust currently manages over $260 million in assets.

What the filing says

The amended filing states that the ETF would issue shares continuously, with prices determined by the value of Zcash and the trading price of the shares on NYSE Arca. Grayscale also noted that a subsidiary of Digital Currency Group (DCG) is in discussions to contribute about 200,000 ZEC to the fund, though this has not been finalized.

What is confirmed

• Grayscale filed its fifth amendment with the SEC on August 21, 2026.
• The proposed ETF would track Zcash directly and list on NYSE Arca.
• The sponsor fee is set at 2.5% annually.
• The Zcash Trust has over $260 million in assets under management.
• Grayscale has previously launched ETFs for Bitcoin, Ethereum, Dogecoin, and XRP.

What is still unclear

• Whether the SEC will approve the Zcash ETF.
• If the DCG subsidiary will finalize its contribution of 200,000 ZEC.
• The exact timeline for the ETF’s launch if approved.

Why this matters for investors

A Zcash ETF would allow investors to gain exposure to Zcash without directly buying or storing the cryptocurrency. This could attract more institutional and retail investors who prefer trading ETFs on traditional stock exchanges. Zcash is currently the 12th-largest cryptocurrency by market value and is designed to offer enhanced privacy features.

Sources

• The Block
• SEC Filing