Grayscale has filed a registration statement with the U.S. Securities and Exchange Commission to convert its existing Grayscale Zcash Trust (ZCSH) into a spot Zcash exchange-traded fund listed on NYSE Arca under the ticker ZCSH. The Grayscale Zcash Trust ETF gives investors exchange-traded exposure to Zcash (ZEC) through a grantor trust that holds ZEC directly. 

The trust’s investment objective is for the value of its shares to reflect the value of the ZEC held by the trust, determined by reference to the CoinDesk Zcash Price Index (ZCX), less the trust’s expenses and other liabilities. The filing states that the trust will not use leverage or derivatives and will instead own ZEC in custody with Coinbase Custody Trust Company, LLC, with Coinbase, Inc. serving as prime broker and Bank of New York Mellon acting as administrator and transfer agent.

The ETF continues to charge a 2.50% Sponsor’s Fee, paid in ZEC and accruing daily on the trust’s net asset value. As of late November 2025, the underlying Grayscale Zcash Trust managed roughly $190–200 million in ZEC.