Grayscale Investments has launched the first U.S. exchange-traded fund offering direct exposure to privacy-focused cryptocurrency Zcash (ZEC). The ETF began trading on NYSE Arca on Tuesday under the ticker ZCSH.
Previously, the product operated as the Grayscale Zcash Trust and had traded on the OTCQX market since October 2021. On August 24, 2026, the fund was officially renamed The Zcash ETF, according to its prospectus.
How the Zcash ETF works
The fund is sponsored by a Grayscale Investments unit that is part of Digital Currency Group. Coinbase Custody is responsible for storing ZEC, Coinbase serves as the prime broker, while Bank of New York Mellon acts as administrator and transfer agent.
The fund charges an annual fee of 2.5%, paid in ZEC. Shares are created and redeemed in blocks of 10,000. New shares can be issued in exchange for either ZEC or cash, while redemptions are currently available only in cash.
Liquidity is provided by entities affiliated with Jane Street, Virtu Financial and Galaxy Digital. Jane Street Capital and Virtu Americas also serve as authorized participants and can take advantage of differences between the ETF’s market price and the value of its underlying assets.
The fund’s net asset value is calculated using the CoinDesk Zcash Benchmark Rate. The benchmark includes ZEC prices from Binance, Gemini, Kraken and OKX, weighted by trading volume.
DCG could contribute another 200,000 ZEC
The fund’s documents also state that a Digital Currency Group subsidiary is discussing a potential contribution of around 200,000 ZEC in exchange for ETF shares. At current prices, the stake would be worth approximately $170 million.
The transaction is not binding and may ultimately not take place. As of the end of June, the fund already controlled around 391,000 ZEC, equivalent to roughly 2.3% of all coins in circulation.
If DCG contributes an additional 200,000 ZEC, the amount of cryptocurrency managed by the fund would increase significantly. It would also raise the concentration of ZEC within the ETF and strengthen the relationship between the fund and its parent company.
Zcash gains more than $300 in a week
Zcash itself has also surged ahead of the ETF launch. ZEC is now trading above $820, compared with around $500 just a week ago. That means the coin has gained more than $300 in just a few days.
The rally accelerated ahead of the start of trading for Grayscale’s fund on NYSE Arca. The launch of ZCSH gives U.S. investors direct exposure to Zcash through a familiar exchange-traded product without having to buy and store the cryptocurrency themselves.
Earlier, Cypherpunk Technologies launched the world’s largest Zcash mining fleet.
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