Grayscale Seeks SEC Approval for Zcash Spot ETF Listing
Grayscale's bid to launch a Zcash ETF has taken a significant step forward. The asset manager filed Amendment No. 4 and a fifth amendment with the SEC on August 18, seeking to convert its Grayscale Zcash Trust into a spot ETF. The trust would trade on NYSE Arca under the ticker ZCSH, with shares potentially listing on or about August 25, pending regulatory approval.
The proposed ETF structure involves continuous share creation and redemption, which is notable given that the existing trust has historically traded at steep premiums and discounts to its net asset value. In the past, the Grayscale Zcash Trust has swung between a premium of up to 240% above NAV and a discount as deep as 55% below it.
Grayscale currently holds around 391,000-393,000 ZEC, representing a significant portion of the asset's circulating supply. The company is considering exchanging approximately 200,000 ZEC, valued at around $110 million, for shares in the trust.