Grayscale Files First Zcash Spot ETF Application; Multicoin Capital Reveals ZEC Buyup Since February

Grayscale submitted an application for a Zcash spot ETF on May 8, converting its existing Zcash trust into a spot product—the first spot ETF seeking listing in the U.S. for a privacy coin. Meanwhile, Multicoin Capital disclosed that it has been steadily increasing its ZEC holdings since February. Reports indicate that Zcash’s price recently rose to $600, pushing its market capitalization into the top 15. Since Zcash supports both transparent and shielded address pools, if the spot ETF proceeds, custody, auditing, and market-making functions are likely to rely primarily on the transparent address pool. Previously, the U.S. Securities and Exchange Commission concluded its long-term review of Zcash in January 2026 without taking any enforcement action.