Zcash Soars to Eight-Year High as Grayscale Nears ETF Conversion

Zcash (ZEC) has reached an eight-year high of $855 after Grayscale filed its fifth amended registration statement with the Securities and Exchange Commission (SEC) to convert its existing Zcash Trust into a US exchange-traded fund (ETF).

The trust, which will be renamed The Zcash ETF and listed on NYSE Arca under the ticker ZCSH, has an annual sponsor fee of 2.5%. Bank of New York Mellon will serve as transfer agent and Coinbase Custody Trust Company as custodian.

Bloomberg Intelligence ETF analyst James Seyffart noted that Grayscale was 'getting closer and closer to converting this thing into an ETF.'

The proposed ETF structure aims to address a long-running gap between the trust's share price and the actual value of the ZEC it holds, with a maximum premium of 240% and a maximum discount of 55% over a three-year period.