Catenaa, Thursday, November 27, 2025- Grayscale filed a registration statement with the Securities and Exchange Commission on Wednesday to convert its Zcash Trust into an exchange-traded fund, positioning the firm to launch the first ETF tied to ZEC.
The move follows a series of trust conversions as the company expands its lineup of crypto-related exchange-traded products.
The filing states that the ETF’s value would reflect the ZEC held by the trust, adjusted for expenses and liabilities.
The existing Zcash Trust manages more than $196 million in assets. Zcash is the 23rd largest cryptocurrency by market value and was introduced in 2016 to offer enhanced privacy through shielded transactions.
Grayscale said in a post that privacy-focused assets are becoming more relevant within digital asset portfolios. The firm has pursued multiple conversions in recent weeks.
New products include ETFs that track XRP, Dogecoin and Solana. These conversions follow earlier efforts that began after Grayscale secured approval for its Bitcoin ETF, which resulted from a court challenge that reshaped the SEC’s approach to crypto funds.
The company’s latest step arrives during a period of expanded regulatory openness toward cryptocurrency under the current administration.
Industry participants expect further clarity on digital asset oversight as the agency continues to review new filings.
Grayscale remains one of the largest issuers of crypto investment products, maintaining a mix of spot ETFs and converted trusts. The firm said the Zcash filing aims to give investors additional access to privacy-centered assets through regulated market structures.
