Zcash ETF takes another step forward: Wall Street will put a privacy coin into securities accounts for the first time
- Grayscale submitted the fifth amended registration statement for the Zcash Trust to the SEC on August 21, 2026.
- If approved, the Zcash ETF (ticker ZCSH) will be the first spot ETF in the U.S. to directly hold a privacy coin.
- The trust currently holds about 388,700 ZEC, valued at approximately $155 million as of June 30.
- ZEC's price has surged over 200% in four months, reaching around $800, contributing to the trust's assets exceeding $260 million.
- The ETF will only hold ZEC in transparent addresses, effectively removing the privacy functionality that Zcash is known for.
Grayscale has taken a significant step towards launching the Zcash ETF by submitting a revised registration statement to the SEC. If approved, this ETF will mark a historic moment as the first in the U.S. to directly hold a privacy coin, Zcash. The trust currently holds a substantial amount of ZEC, with its value increasing significantly due to a recent surge in ZEC's price.
The filing outlines key details such as an annual management fee of 2.5% and the roles of BNY Mellon and Coinbase in managing and custodian services for the ETF. Notably, the ETF will only utilize transparent addresses for holding ZEC, which raises questions about the future of Zcash's privacy features in the context of institutional investment.
The ZEC price has experienced remarkable growth, reflecting market optimism about institutional access to privacy coins. However, the ETF's structure may challenge the fundamental narrative of Zcash as a privacy asset, as the majority of its holdings will not utilize the privacy features that distinguish it from other cryptocurrencies.
Zcash ETF再进一步：华尔街将首次将隐私币纳入证券账户
Grayscale通过向SEC提交修订后的注册声明，迈出了推出Zcash ETF的重要一步。如果获得批准，该ETF将成为美国首个直接持有隐私币Zcash的现货ETF，标志着历史性时刻。该信托目前持有大量ZEC，随着ZEC价格的最近飙升，其价值显著增加。
该文件概述了关键细节，如2.5%的年管理费，以及BNY Mellon和Coinbase在ETF管理和保管服务中的角色。值得注意的是，该ETF将仅使用透明地址持有ZEC，这引发了关于Zcash隐私特性在机构投资背景下未来的质疑。
ZEC价格经历了显著增长，反映了市场对隐私币机构准入的乐观预期。然而，ETF的结构可能会挑战Zcash作为隐私资产的基本叙述，因为其大多数持有将不会利用其与其他加密货币区别开来的隐私特性。