TLDR
- Grayscale filed its fourth amendment to convert its Zcash Trust into a spot ETF, to be listed on NYSE Arca under ticker ZCSH
- DCG International Investments is in non-binding talks to acquire ~200,000 ZEC (worth ~$110 million) through the trust
- The ETF will use cash-based creations and redemptions; in-kind redemptions are not permitted
- The filing references the June Orchard vulnerability and the Ironwood upgrade, which retired the affected shielded pool
- ZEC price rose nearly 10% over 24 hours, trading near the $555 level
Grayscale has filed its fourth amendment to the Form S-3 registration statement for a Zcash spot ETF with the U.S. Securities and Exchange Commission. The fund would list on NYSE Arca under the ticker ZCSH, converting the existing Grayscale Zcash Trust into a publicly traded product.
Grayscale Files Fourth S-3/A Amendment for Zcash Trust, Proposes “ZCSH” Listing on NYSE Arca
Grayscale filed the fourth S-3/A amendment for its Zcash Trust with the SEC, proposing to rename the trust and list its shares on NYSE Arca under the ticker “ZCSH” once the registration… pic.twitter.com/AVaOxHl7uU
— Wu Blockchain (@WuBlockchain) August 19, 2026
The filing confirmed that DCG International Investments Ltd., a wholly owned indirect subsidiary of Digital Currency Group, is in discussions to acquire approximately 200,000 ZEC tokens through the trust. At current prices, that would be worth around $110 million. The talks are described as non-binding, meaning the deal may not go through as planned.
Grayscale has not announced a management fee or any fee waiver for the product. No timeline for launch has been confirmed.
How the ETF Would Work
The ETF would handle share creations and redemptions primarily through cash orders. In-kind creations remain an option, but in-kind redemptions are not permitted under the updated terms.
This is part of Grayscale’s broader push to bring altcoin trusts to market. The firm has recently filed for funds tracking Avalanche, Hyperliquid, and Worldcoin.
The fourth amendment also references the June Orchard vulnerability, a technical flaw that affected Zcash’s shielded transaction pool. The subsequent Ironwood protocol upgrade retired the compromised pool and added protections against counterfeit ZEC.
ZEC Price and Market Data
ZEC rose nearly 10% over the past 24 hours, trading near $555. The 24-hour range ran from $500.47 to $514.03 in earlier data, with prices pushing higher later in the session.
Trading volume for ZCSH in its current private trust form has declined sharply since peaking above $23 million in November 2025. The product has not exceeded $5 million in volume since June 2026.
Open interest in ZEC futures rose 1% to $928.22 billion in the past 24 hours, according to CoinGlass. On Binance, futures open interest fell 3.90%, while Hyperliquid saw a 9% increase. OKX and KuCoin posted gains of 3.40% and 2.18% respectively.
Analysts have pointed to $520 as a local resistance level following the Ironwood upgrade, with $550 seen as a stronger area of resistance above that.
ZEC is trading near the $555 level as of the most recent data.
