Grayscale has filed an application to convert its existing Zcash trust into a spot ETF, becoming the first to seek approval for a privacy coin ETF in the U.S. Multicoin Capital disclosed that it has established a position in ZEC since February, with co-founder Tushar Jain believing that wealth tax legislation will drive demand for privacy assets. Approximately 30% of Zcash’s supply is held in shielded address pools, but ETF custody requires the use of transparent address pools to meet audit requirements. The SEC concluded its long-term review of Zcash in January 2026 without taking any enforcement action.
Grayscale Submits First Zcash Spot ETF Application
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Summary
Grayscale has filed an ETF application to convert its Zcash trust into a spot ETF, making it the first privacy coin to seek a U.S. listing. Multicoin Capital began purchasing ZEC in February, with Tushar Jain connecting privacy assets to potential changes in wealth taxation. Approximately 30% of Zcash is held in shielded pools, but ETFs must use transparent addresses for auditing purposes. The SEC completed its review of Zcash in January 2026 without enforcement action. Regulatory discussions have recently been dominated by Bitcoin ETF news.
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