Starting Tuesday, August 25, Grayscale’s Zcash trust officially trades on NYSE Arca under the ticker ZCSH, concluding its OTCQX listing phase. According to an 8-K filing submitted late last week, Coinbase Custody holds the assets and Coinbase Inc. serves as the prime broker.
The nature of the move should be clarified: this is a venue transfer for an existing product (a trust converted into an ETF), not the approval of a fund from scratch. Grayscale filed for the conversion in November 2025, and an August 24 filing confirmed that NYSE Arca had approved the listing.
The market backdrop makes this timing notable. ZEC surged 59.4% over seven days—the largest gain among the top 20 tokens—pushing its market capitalization to $13.9 billion, even though the price remains 74% below its 2016 peak of $3,192. Two major buyers are also present: Cypherpunk Technologies, the Zcash treasury recently announced by the Winklevoss twins, and DCG, which is in non-binding talks to acquire approximately 200,000 ZEC according to an amended filing.
Meanwhile, Monero, the other major privacy token without a U.S.-listed vehicle, gained just 2.9% that week, suggesting that part of the demand is concentrating around assets that possess traditional investment channels.
What this indicates: the line between “privacy tokens” and licensed investment products, once a hard political boundary in the U.S., is thinning. With an ETF holding ZEC trading on a national securities exchange, the next question will center on similar funds for once-shunned assets, and the true limits of this acceptance.