Grayscale moves closer to Zcash ETF launch with SEC filing

Grayscale is pushing its Zcash ambitions through the SEC’s machinery with fresh urgency. The asset manager filed Amendment No. 4 to convert the Grayscale Zcash Trust into a spot ETF on August 18, followed quickly by a fifth amendment, setting the stage for what could be one of the more unconventional crypto ETF launches to date. The planned product would trade on NYSE Arca under the ticker ZCSH, and Grayscale intends to rebrand the underlying vehicle as simply “The Zcash ETF.” An 8-K filing submitted August 21 indicated that shares could begin trading on or about August 25, contingent on regulatory sign-off. What the filings actually reveal The amendments spell out a trust architecture built around continuous share creation and redemption. Authorized participants named in the filings include Jane Street Capital and Virtu Americas. Coinbase will handle custody. That continuous creation-and-redemption structure matters more for Zcash than it might for other assets. The Grayscale Zcash Trust, which has been operational since October 2017 and trading on OTCQX since 2021, has historically swung between a premium of up to 240% above net asset value and a discount as steep as 55% below it...