Grayscale files with SEC to convert Zcash Trust into a spot ETF
Grayscale Investments has filed to convert its Zcash Trust into a spot exchange-traded fund, submitting a Form S-3 registration with the U.S. Securities and Exchange Commission. The proposed fund, which could be listed on NYSE Arca, would be among the first ETFs tied to a privacy-focused cryptocurrency.
The filing, made on Wednesday, signals Grayscale’s intent to transition its Zcash (ZEC) vehicle to a spot ETF. The application follows the firm’s rollout of other spot crypto ETFs, including those linked to Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and XRP (XRP).
Grayscale’s use of the streamlined form may facilitate a listing on NYSE Arca. According to data from Nansen, ZEC has risen more than 50% over the past 30 days and 1,050% over the past 12 months, reaching $519.62 at the time of publication.
Since the SEC approved the first spot Bitcoin ETFs in January 2024, asset managers including Grayscale, Bitwise, and BlackRock have broadened their product suites to add exposure to additional digital assets. Grayscale launched the first spot DOGE ETF this week, which recorded $1.4 million in trading volume on Monday.
Are some Bitcoin investors moving to Zcash for privacy features?
Earlier this month, Leap Therapeutics said it plans to use a $50 million investment from Winklevoss Capital, the venture capital firm founded by Cameron and Tyler Winklevoss, to purchase ZEC tokens as part of its cryptocurrency treasury strategy.
ETF analyst Eric Balchunas later suggested on social media that Zcash could draw some support away from Bitcoin, though many users questioned that assessment.
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