Grayscale nộp đơn xin quỹ ETF spot đầu tiên cho đồng tiền riêng tư Zcash, Multicoin Capital công bố vị thế ZEC

The Huoxing Finance report states that 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, with co-founder Tushar Jain linking the investment thesis to proposed U.S. wealth tax legislation, arguing that increased government surveillance of private financial holdings will drive structural demand for assets mathematically shielded from regulation. However, the application has also raised institutional custody challenges: approximately 30% of Zcash’s supply is held 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 any enforcement action, significantly reducing regulatory uncertainty.