Zcash (ZEC) surged to an eight-year high near $880 on August 24, 2026, before falling roughly $100 to trade at $785 by August 26. The move coincided with Grayscale’s Zcash ETF (ZCSH) listing on NYSE Arca on August 25, the world’s first exchange-traded product offering spot exposure to ZEC. The fund, which carries a 2.5% sponsor fee, launched from a private placement dating to 2017 and saw its net-asset-value discount narrow from 17% in June to 1% by August 20. Grayscale’s parent, Digital Currency Group, may acquire a substantial stake via a subsidiary in exchange for about 200,000 ZEC, though discussions remain non-binding.
ZEC recently surged to an eight-year high, but has lost $100 since then. Grayscale’s Zcash fund began trading on NYSE Arca as the Zcash ETF (ZCSH) this Tuesday, August 25, billed as the world’s first exchange-traded product offering spot exposure to Zcash (ZEC), carrying a sponsor’s fee of 2.5% per year.
ZCSH’s predecessor launched as a private placement in October 2017, and its shares have been quoted on OTCQX since October 2021. The registration statement became effective on August 24, and NYSE Arca certified the listing the same day.
The final prospectus fills in the fee rate. “As AI reshapes how financial activity can be monitored, we believe demand for genuine financial privacy will only grow,” said Steve Vanourny, Head of Index at Grayscale. “With ZCSH, Grayscale is building on its history of industry firsts by giving investors a way to gain exposure to one of the market’s leading privacy-focused assets.”
Coinbase Custody Trust Company holds the fund’s ZEC, and Foreside Fund Services acts as marketing agent. Shares that traded at a 17% discount to net asset value on June 30 narrowed to a 7% discount by August 12 and to 1% by August 20, when they closed at $45.34 on OTCQX. The trust reported a net asset value of $155.2 million at the end of June, when its holdings amounted to approximately 2.3% of the ZEC in circulation.
The prospectus warns that DCG, Grayscale’s parent, may come to own a majority of shares. DCG International Investments remains in talks to acquire shares through an authorized participant in exchange for roughly 200,000 ZEC, a stake expected to constitute “a substantial portion” of the fund’s ownership. The discussions are not binding.
Launched in 2016, Zcash pairs a Bitcoin-style 21 million coin supply cap and proof-of-work consensus with optional transaction privacy. Grayscale’s announcement cites the network’s upgrade record, from Sapling in 2018 through the Ironwood upgrade in July 2026.
ZEC changed hands at $785 on August 26, according to CoinGecko, the 12th-largest digital asset at a $13.2 billion market capitalization. Two days before the listing, the token touched roughly $880, its highest price since January 2018.
