Grayscale is taking another step to expand its lineup of crypto investment products, this time setting its sights on Zcash. The company filed paperwork with the U.S. Securities and Exchange Commission on Wednesday to convert its existing Grayscale Zcash Trust into a full exchange-traded fund. If approved, it would become the first ETF dedicated to the privacy-focused cryptocurrency.
According to the filing, the ETF aims to mirror the value of Zcash held in the trust, adjusted for expenses and liabilities. The trust currently manages more than 196 million dollars in assets. Zcash, introduced in 2016 by the Zerocoin Electric Coin Company, ranks as the 23rd largest cryptocurrency by market capitalization. It is known for giving users the option to shield transaction details, a feature that has kept it central to the broader conversation around privacy in digital finance.
Grayscale highlighted this theme in a post on X, noting that as privacy grows more important across the crypto landscape, Zcash stands out as a useful component of a well-rounded digital asset strategy.
Zcash brings on-chain privacy via zk-SNARK–powered shielded transactions, offering selective disclosure. As privacy becomes foundational across crypto, we view ZEC as a key contributor to a well-balanced digital asset portfolio.
— Grayscale (@Grayscale) November 26, 2025
The filing is the latest in a series of trust conversions from the firm. Over the past month, Grayscale has shifted products tied to XRP, Dogecoin, and Solana into exchange-traded structures. The company began this conversion push after securing approval for its long-awaited Bitcoin ETF earlier this year, a milestone that followed a lengthy legal challenge with the SEC.
The broader environment for crypto ETFs has warmed under the current SEC leadership, with the agency taking steps to create clearer guidance for companies seeking regulated access to digital assets. This shift has encouraged more issuers to explore specialized funds as investor interest grows.
