TLDR
- Zcash surged nearly 38% to over $814, surpassing its January 2018 peak for the first time in eight years
- Grayscale filed its fourth amendment to convert its Zcash Trust into a spot ETF on NYSE Arca under the ticker ZCSH
- DCG International Investments is in non-binding talks to acquire roughly 200,000 ZEC, worth around $163 million
- Zcash futures volume hit approximately $4.55 billion on Friday, with open interest near $1.35 billion
- Zcash now ranks 12th by market value at $13.87 billion, ahead of all other privacy-focused tokens
Zcash (ZEC) broke past $800 on Saturday for the first time since January 2018. The token hit a high of $851 during a 24-hour swing that also saw it trade as low as $589.
The rally came after a 17.49% gain on Friday, when ZEC climbed to $668.60. That move was already one of the biggest single-day gains in the broader crypto market that day.
The price surge pushed Zcash above its January 2018 peak of around $800, a level that had held as the token’s all-time high for eight years. It also cleared the $750 mark it reached last November.
Social media has been drawing comparisons between Zcash and Bitcoin. Like Bitcoin, Zcash has a 21 million supply cap, uses proof-of-work mining, and follows a halving schedule. It adds privacy through shielded transactions on top of that foundation.
Crypto fund DCG is connected to several of the recent developments. Its subsidiary Grayscale filed a fourth amended registration statement with the SEC on August 18, pushing forward its plan to convert the Zcash Trust into a spot ETF on NYSE Arca under the ticker ZCSH.
Grayscale’s ETF Filing and the 200,000 ZEC Proposal
The filing proposes moving the trust from the OTCQX market to NYSE Arca. It would allow continuous share issuance and introduce a redemption program to keep the share price closer to the value of its ZEC holdings.
NEW: @Grayscale just filed amendment #5 for their Zcash Trust.. Looks like they're getting closer and closer to converting this thing into an ETF. $ZCSH zcash:native pic.twitter.com/QeGPHfP9EI
— James Seyffart (@JSeyff) August 21, 2026
The filing also disclosed that DCG International Investments is in non-binding talks to contribute around 200,000 ZEC through the trust and receive shares in return. The trust held approximately 388,674 ZEC at the end of June, making the proposed amount substantial.
The discussions remain non-binding. DCG could contribute more, fewer, or no tokens at all. The ETF has not been approved and remains under SEC review.
Futures Volume Hits Billions
Zcash futures volume reached around $4.55 billion on Friday, compared to about $553 million in spot trading. Open interest stood near $1.35 billion.
In the 24 hours through Saturday, volume hit $2.24 billion, equal to about 16% of Zcash’s total market value.
Analyst Rager posted on X that ZEC had hit a new all-time high, adding: “They really trying to send this to $1000 in less than a week.” The post reflected the speculative excitement building around the token.
New all-time high for $ZEC
They really trying to send this to $1000 in less than a week pic.twitter.com/IV5VfX0mDp
— Rager (@Rager) August 22, 2026
Zcash ranks 12th by market value at $13.87 billion, ahead of every other privacy-focused token.
