Catenaa, Wednesday, August 26, 2026-Grayscale Investments has filed a fourth amendment seeking to convert its Zcash Trust into an exchange-traded fund, while disclosing talks involving a possible 200,000 ZEC contribution from a Digital Currency Group subsidiary.
The filing, submitted to the U.S. Securities and Exchange Commission on Aug. 18, proposes listing the trust’s shares on NYSE Arca under the ticker ZCSH.
DCG International Investments Ltd., an indirect wholly owned subsidiary of Grayscale parent Digital Currency Group, is discussing acquiring trust shares through an authorized participant in exchange for about 200,000 ZEC.
At market prices cited around the filing, the tokens were valued at roughly $110 million. Grayscale stressed that the discussions are nonbinding, meaning the potential investor could ultimately acquire more, fewer or no shares.
The filing also expands disclosures surrounding the June vulnerability affecting Zcash’s Orchard shielded pool. The flaw could have allowed counterfeit ZEC to be created before developers introduced emergency protections.
Zcash developers later activated the Ironwood upgrade on July 28. The upgrade retired Orchard and introduced a new shielded pool with controls intended to prevent any counterfeit ZEC from leaving the affected pool.
Grayscale’s proposed conversion comes as the asset manager continues expanding beyond bitcoin and ether products. It has also pursued exchange-traded products tied to Avalanche, Hyperliquid and Worldcoin.
Trading activity in the existing Zcash trust has fallen from its November 2025 peak. The Block reported that monthly volume has remained below $5 million since June.
ZEC rallied after the latest filing, adding to investor attention around whether a regulated U.S. exchange-traded product could widen access to the privacy-focused cryptocurrency.
