Core Insights - Morgan Stanley has filed with the SEC to launch new exchange-traded funds (ETFs) linked to Bitcoin and Solana, indicating a significant move by a major Wall Street bank into digital assets [1][4] - The filings reflect a growing institutional interest in cryptocurrencies, as the bank aims to provide regulated exposure to these leading assets [1][5] Group 1: ETF Details - The Solana ETF is designed to track the price of SOL and will follow a pricing benchmark with adjustments for operating costs [2] - The fund will not hold tokens directly but will use approved third-party custodians for asset security [2] - The Solana product will include staking through outside service providers, with rewards expected to enhance the fund's net asset value [3] Group 2: Market Context - The Bitcoin ETF aims to track the cryptocurrency's price, following structures used by other approved products in the U.S. market [4] - Morgan Stanley's move aligns with a broader trend of traditional financial institutions entering the crypto ETF space, as regulatory conditions evolve [5] - Recent approvals for spot Bitcoin ETFs and banks acting as intermediaries in crypto transactions have facilitated this shift [5][6] Group 3: Competitive Landscape - Other firms, such as T. Rowe Price and Bitwise, are also filing for crypto-related products, indicating a rise in institutional interest [6][7] - Morgan Stanley plans to introduce crypto trading on E*Trade in 2026, aiming to provide easier access to digital assets for everyday investors [4]

grayscale filed for zcash etf after converting gbtc from a 50% discount to $30b in etf flows. market prices zero chance of zec approval despite grayscale's lawyers never filing blind. zec down 25% this week on privacy coin panic. same playbook that turned gbtc discount into billions ...

Core Viewpoint - Grayscale Investments is seeking to convert its Zcash Trust into a U.S.-listed exchange-traded fund (ETF) to capitalize on the significant rise in Zcash's value, which has surged nearly 1,000% over the past year [1][4]. Group 1: ETF Development - The filing with the Securities and Exchange Commission represents Grayscale's effort to expand its ETF offerings into the privacy-coin sector [1][2]. - If approved, this would be the first U.S. ETF providing regulated exposure to Zcash, a cryptocurrency that utilizes zero-knowledge proofs for transaction privacy [2][3]. Group 2: Market Dynamics - Zcash's unique feature is its selective privacy through shielded transactions, which has become increasingly appealing to investors concerned about the traceability of Bitcoin and other transparent blockchains [3][4]. - The Zcash market has experienced significant volatility, with its price rising from approximately $40 to over $700 in a few weeks, before fluctuating around $450 [5][6]. Group 3: Institutional Interest - A Zcash ETF would lower the management premium associated with the current trust structure and facilitate easier trading through traditional brokerage accounts [4]. - This product could provide institutional investors with a regulated entry point into the privacy-coin market, which has faced challenges in attracting mainstream capital due to compliance issues [4]. Group 4: Regulatory Concerns - Concerns have been raised regarding the storage of Zcash on centralized exchanges, as it may compromise its privacy features, turning it into a traceable asset [6][7]. - The comments from BitMEX co-founder Arthur Hayes highlight ongoing issues related to self-custody and regulatory oversight in the context of privacy coins [7].

The Daily: Robinhood takes aim at larger prediction-market share, Grayscale files to launch first-ever Zcash ETF, and more https://t.co/XduB0uUcZk ...

Core Insights - Robinhood is acquiring a 90% stake in derivatives exchange LedgerX to launch its own prediction market platform, leading to an 8% increase in its stock price to $125 [1][6] - The company is responding to strong customer demand for prediction markets and aims to enhance its product offerings [2] - Bernstein analysts suggest that Robinhood's acquisition will allow it to launch its own event contracts, leveraging its existing market share [3][4] Company Developments - Robinhood's investment in LedgerX is part of a strategy to build a dedicated prediction market platform, enhancing its infrastructure for better customer experience [2][4] - The acquisition is expected to close in the first quarter of 2026, with Miami International Holdings retaining a 10% stake [4][6] - The partnership with Susquehanna International Group facilitated the acquisition, indicating a strategic alignment for entering the prediction markets [4][6] Market Context - Robinhood has already captured over 50% of Kalshi market volumes, indicating a strong position in the prediction market space [3] - The acquisition of LedgerX is seen as a move to increase revenue potential through innovative product offerings and increased market share [4] - MIAX, the operating name for LedgerX, has regulatory approval from the CFTC to list and clear futures and options, positioning it for growth in prediction markets [5][6]

Grayscale Files to Launch Zcash ETF After Privacy Coin's 1,000% Price Surge► https://t.co/LoArg74nj1 https://t.co/LoArg74nj1 ...

Core Insights - Grayscale Investments has filed for an exchange-traded fund (ETF) to convert its Grayscale Zcash Trust, aiming to provide investors with exposure to Zcash, marking a potential first for an ETF focused on this privacy coin [1][4] Group 1: Zcash Overview - Zcash allows private transactions by encrypting transaction details using zero-knowledge proofs, which validate information without disclosing it directly [2] - The value of Zcash has surged nearly 1,000% over the past year, driven by endorsements from influential figures in the crypto space [2] Group 2: Market Dynamics - Zcash's recent rally began in September, fueled by concerns over Bitcoin's transparency and the government's ability to track users, leading to increased interest in Zcash's privacy features [3] - Prominent crypto entrepreneurs have highlighted Zcash's utility on social media, contributing to its price increase even as Bitcoin's value has declined [3] Group 3: Grayscale's Strategy - Grayscale has successfully converted several of its trusts into ETFs, which facilitate easier redemption for investors compared to trusts [4] - The firm has previously converted its Bitcoin and Ethereum trusts into spot ETFs, which have performed exceptionally well following SEC approvals [4] Group 4: Current Market Status - Zcash (ZEC) is currently trading at approximately $502 per coin, showing no significant change over a 24-hour period, while it has increased nearly 40% in the last 30 days [5] - Despite its recent gains, Zcash remains significantly below its all-time high of $3,192 reached in 2016 [5]

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].

Grayscale files with the SEC to launch first-ever Zcash ETF https://t.co/TUDAMYIeaL ...