Grayscale Launches First Zcash Spot ETF in North America

New York, August 25, 2026. Grayscale Investments has launched the first institutional-grade Zcash (ZEC) spot ETF in North America, following NYSE approval of privacy coin exchange-traded products earlier this month. ZEC reached 8-year price highs of $262–285 in the days surrounding the announcement, its strongest performance since the 2017–2018 bull market.

The launch caps an 8-year regulatory arc. Between 2018 and 2024, major exchanges including Coinbase, Kraken, and Gemini delisted Zcash and other privacy coins citing compliance concerns, while the IRS classified privacy coins as high-risk assets. The CFTC's September 2024 guidance on blockchain-based financial products established the compliance framework that ultimately enabled NYSE's August 2026 privacy coin ETF approval, clearing the path for Grayscale's product.

The ETF launch arrives amid a concentrated burst of institutional blockchain infrastructure development. Within a 22-day window in August 2026, BlackRock launched tokenized money market funds on Ethereum targeting $50–200 billion in AUM, Standard Chartered and Animoca Brands introduced Hong Kong's first regulated HKD stablecoin backed by $800 billion in institutional assets, and Shinhan Asset Management — South Korea's largest asset manager with $600 billion in AUM — initiated a tokenized fund pilot on Plume Network.

Zcash currently trades at a significant discount to comparable digital assets. XRP commands a $30–35 billion market cap versus ZEC's estimated $3–5.8 billion, a 6–10x differential. Zcash's selective disclosure model allows users to generate compliance reports for regulators while keeping transaction details private from public view — an architecture that differentiates it from Monero, which implements mandatory privacy by default. Grayscale's existing custody relationships with Fidelity Digital Assets and Coinbase Custody extend to the Zcash product.

The Grayscale Zcash Spot ETF trades on the NYSE under the ticker ZCSH.

About Grayscale Investments

Grayscale Investments is the world's largest digital currency asset manager, with $50 billion in assets under management across a diversified portfolio of crypto investment products including spot Bitcoin and Ethereum ETFs, single-asset trusts, and diversified digital asset funds. Founded in 2013 and headquartered in Stamford, Connecticut, Grayscale serves institutional investors, family offices, and registered investment advisors through SEC-regulated investment vehicles.

This press release contains forward-looking statements subject to risks and uncertainties. Past performance is not indicative of future results. Digital asset investments involve substantial risk of loss. This document does not constitute investment advice or a solicitation to buy or sell securities.