Grayscale Files to List First Zcash ETF in the U.S. Amid 1,000% Rally

Core Viewpoint - Grayscale is seeking to list the first U.S. ETF tracking Zcash, indicating a growing interest in privacy-focused cryptocurrencies as Zcash has gained significant market traction in 2025 [1][2]. Group 1: Grayscale's ETF Filing - Grayscale filed an S-3 registration statement with the SEC to convert its existing Zcash Trust into a spot ETF, following a similar strategy used for its Bitcoin Trust [1]. - If approved, this would mark the first Zcash ETF in the U.S., reflecting increased investor attention towards privacy-preserving crypto assets [2]. Group 2: Zcash Market Performance - Zcash has experienced a remarkable increase of over 1,000% year-to-date and a 40% rise in the last month, outperforming major cryptocurrencies like Bitcoin and Ether [2]. - The adoption of shielded transactions in Zcash has surged, with approximately 30% of ZEC transactions involving the shielded pool, and 20% to 25% of the total supply held in encrypted addresses [3]. Group 3: Industry Implications - Grayscale's ETF filing suggests a belief that investors are seeking exposure to digital privacy infrastructure, particularly as Zcash has outperformed larger cryptocurrencies [4].