A big step has been taken for Zcash (ZEC), which has been on an unstoppable rise since October.
Accordingly, Grayscale filed S-3 documents with the US Securities and Exchange Commission (SEC) to convert its Zcash Trust product into a spot ETF.
Grayscale’s move will make it the first firm to offer an ETF product tracking Zcash.
Grayscale also announced in a post on the X platform on October 2 that the Grayscale Zcash Trust was opened for private placement to eligible accredited investors.
While Zcash launched in 2016, Grayscale, recognizing the potential of the Zcash protocol, launched the Grayscale Zcash Trust (ZCSH) as a private placement in 2017.
Grayscale shared the following:
“We have filed ZCSH Form S-3, a key step required to launch the first ZEC ETPs.
Zcash provides on-chain privacy and selective disclosure through shielded transactions powered by zk-SNARK.
As privacy becomes a core element across cryptocurrencies, we see ZEC as a key contributor to a balanced digital asset portfolio.”
Grayscale also converted many of its trusts into ETFs last month, including one tracking XRP, Dogecoin (DOGE), and Solana (SOL). As you may recall, Grayscale began converting its crypto trusts into ETFs by launching a Bitcoin ETF following a legal battle with the SEC.
*This is not investment advice.