Grayscale Files First Spot ETF Application for a Privacy Coin, Targeting Zcash; Multicoin Capital Reveals ZEC Position

火星财经消息，Grayscale has submitted an application for a Zcash spot ETF, converting its existing Zcash trust into a spot product, making it the first privacy coin ETF seeking listing in the United States. Meanwhile, Multicoin Capital disclosed that it has been steadily accumulating ZEC since February; co-founder Tushar Jain linked this investment thesis to proposed U.S. wealth tax legislation, arguing that increased government surveillance of private financial holdings will drive structural demand for assets shielded through mathematical privacy. However, the application raises institutional custody challenges: approximately 30% of Zcash’s supply resides in shielded address pools—the highest level in history—yet ETF custody almost certainly requires the use of transparent address pools to meet audit and proof-of-reserves requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking enforcement action, significantly reducing regulatory uncertainty.