Grayscale eyes Zcash ETF listing, DCG considers ZEC purchase

Grayscale aims to list its Zcash Trust ETF as "ZCSH" on NYSE Arca, with DCG in non-binding talks to acquire 200,000 ZEC. Filings highlight security upgrades and declining ETF volumes.

Grayscale has submitted a fourth amendment to convert its Zcash Trust into an exchange-traded fund (ETF), proposing a rebranding and a listing on NYSE Arca under the ticker "ZCSH." The updated filings reveal that DCG International Investments Ltd., a subsidiary of Digital Currency Group, is in non-binding discussions to acquire around 200,000 ZEC—valued at approximately $110 million at current prices—through the trust. The documents stress that these talks are not binding, and the potential investor could ultimately purchase more, fewer, or no shares at all. The filings also address the June Orchard vulnerability and the subsequent Ironwood upgrade, which deactivated affected shielded pools and introduced protections against counterfeit ZEC. Additionally, trading volume for ZEC spot ETFs has dropped sharply from a peak of over $23 million in November 2025, with ZCSH's daily trading volume not exceeding $5 million since June. The filings do not guarantee regulatory approval or a product launch.