Grayscale's Zcash ETF (ZCSH) launched on NYSE Arca, offering spot ZEC exposure with a 2.5% sponsor fee and narrowing discount to NAV.
Ecosystem ·
Grayscale's Zcash ETF (ZCSH) launched on NYSE Arca on August 25, marking the first publicly traded exchange-product offering direct spot exposure to Zcash (ZEC). The fund carries a 2.5% annual sponsor fee and replaced Grayscale's private Zcash Trust, which had been available over-the-counter since October 2021. Coinbase Custody Trust Company holds the underlying ZEC assets.
The ETF's arrival follows a sharp tightening of its valuation gap. In late June, shares traded at a 17% discount to net asset value; by mid-August that had compressed to 7%, and by August 20 it stood at just 1%, with shares priced at $45.34. The fund held $155.2 million in net assets at June's close, representing roughly 2.3% of ZEC in circulation.
ZEC itself has climbed to levels unseen in eight years, trading near $785 following a pre-listing peak around $880 in mid-August. The token now ranks as the 12th-largest digital asset by market capitalization at $13.2 billion. Notably, Grayscale's parent company, Digital Currency Group, remains in non-binding discussions to acquire approximately 200,000 ZEC through an authorized participant, a position that could eventually represent a substantial ownership stake in the fund.