Grayscale submits its first Zcash spot ETF application

Grayscale has submitted an application to convert its existing Zcash trust into a spot ETF, becoming the first privacy coin ETF seeking to be listed in the United States. Multicoin Capital has disclosed that it has established a position in ZEC since February, and co-founder Tushar Jain believes that wealth tax legislation will drive demand for privacy assets. About 30% of Zcash's supply is located in shielded address pools, but ETF custody requires the use of transparent address pools to meet audit requirements. The SEC will end its long-term review of Zcash in January 2026 without taking any enforcement action.