Grayscale Lists First US-Regulated Privacy Coin ETF on NYSE Arca

Grayscale launched the first US-listed spot Zcash ETF, trading under the ticker ZCSH, on NYSE Arca. This move marks a significant shift in the regulatory landscape for privacy-focused cryptocurrencies.

The Grayscale Zcash Trust was converted into the ZCSH ETF, holding approximately $304 million in assets under management. The fund charges a 2.50% annual management fee, with all revenue directed towards Zcash ecosystem development and marketing.

ZEC price surged 66% in the week surrounding the listing, reaching an eight-year high above $850. This rally was driven by anticipation, short squeeze tied to the collapsing trust discount, and finally the listing itself.

The shift towards shielded transactions on the Zcash network is noteworthy, with over 90% of network activity now using zero-knowledge proofs to hide every transaction. The SEC reviewed the Grayscale Zcash Trust in January 2026 without taking enforcement action, clearing the path for the listing.