Grayscale debuted the first U.S. Zcash ETF, converting its Zcash Trust into a spot fund that trades as ZCSH on NYSE Arca with $313.5M in assets.

The ETF carries a 2.5% management fee, with the revenue directed to Zcash ecosystem development. The launch followed Grayscale's fifth amended SEC registration and extends the firm's track record of converting trusts into ETFs, after Bitcoin, Ethereum, XRP, Solana and Litecoin.

Grayscale framed the product as a way for investors to gain regulated exposure to one of the market's leading privacy assets, arguing that the case for financial privacy strengthens as AI expands the monitoring of financial activity.

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