Zcash Surges Past $1,200 as Grayscale's Spot ETF Boosts Assets

Zcash has surged past $1,200 after more than doubling in value this year, becoming the ninth-largest cryptocurrency and passing Hyperliquid in market cap.

The surge is largely driven by Grayscale's spot Zcash ETF, which began trading on NYSE Arca on August 25 and has seen its assets grow to over $500 million in just two weeks.

However, it's worth noting that the majority of this growth came from Digital Currency Group (DCG), the corporate parent of Grayscale, which handed over 85,705 ZEC tokens in exchange for ETF shares.

This move has raised eyebrows as it appears to be a related-party transaction, with some questioning whether it's truly indicative of real demand or simply a way to boost the fund's assets.