Grayscale filed an S-3 registration to convert its $196.8M Zcash Trust into an ETF, but ZEC price remains stagnant near $500 with futures showing sell-the-news reaction.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Digital asset manager Grayscale advanced its plans to convert the Zcash Trust, launched in 2017, into an Exchange-Traded Fund as US regulatory posture begins to shift under the Trump administration. The firm submitted its ZCSH Form S-3 filing, marking a required step toward launching the first Zcash ZEC $517.1 24h volatility: 6.3% Market cap: $8.50 B Vol. 24h: $922.88 M exchange-traded products.
Posting on X on Tuesday, Grayscale said it has filed the ZCSH Form S-3, describing it as an important step required to launch the first ZEC ETPs.
Zcash brings on-chain privacy via zk-SNARK–powered shielded transactions, offering selective disclosure. As privacy becomes foundational across crypto, we view ZEC as a key contributor to a well-balanced digital asset portfolio.
— Grayscale (@Grayscale) November 26, 2025
The company also emphasized its position as one of the earliest institutional investors in Zcash. The $35 billion asset manager launched its Grayscale Zcash Trust as a private placement in 2017, just a year after the blockchain genesis block.
The Trust has now filed a registration statement, including a prospectus, with the SEC for the offering, with investors encouraged to review the documents before participating.
Chairman Barry Silbert also weighed in on the Trust’s planned transition, signaling confidence in the asset’s long-term role as US regulators softened their stance on crypto ETFs.
This morning, @Grayscale filed a Form S-3 to convert the Zcash Trust into an ETP
Launched in 2017 well before privacy emerged as an investment theme, the Zcash Trust was one of Grayscale’s earliest products https://t.co/Uzou265sNI
— Barry Silbert (@BarrySilbert) November 26, 2025
Grayscale’s Zcash Trust currently oversees $196.8 million in assets under management, trading under the ticker ZCSH with a 2.50% expense ratio. The conversion to a spot ETF would bring ZEC into alignment with newly approved altcoin ETFs, including the Bitwise Solana ETF, which has already accumulated $621 million in under a month. The strong inflows into comparable products highlight expectations that ZEC could attract significant institutional capital once conversion is complete.
Despite the positive regulatory and structural catalyst, Zcash price action remains muted. ZEC hovered around the $500 resistance, posting less than a 1% intraday gain as the broader crypto market stayed stagnant. Futures markets indicated a decisive sell-the-news reaction.
Zcash Derivatives Market Analysis, November 26, 2025 | Source: Coinglass
Coinglass data shows Zcash open interest fell 6.24%, holding just above $1 billion, even as trading volume jumped 20.7% to $3.57 billion. The combination of declining open interest and rising volume suggests that most intraday activity came from traders taking profit on the news and those adjusting existing positions.
Bearish bets piled up as bulls took profit, dragging the ZEC long-to-short ratio below 1 on Tuesday, plunging as low as 0.88 among whale traders on Binance.
With fewer upside bets being placed, traders are pricing in a low probability of ZEC breaking meaningfully above the $505 resistance level in the near term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
