Grayscale files amendment to convert Zcash Trust into NYSE Arca ETF

Grayscale Investments has filed a fourth amendment to its SEC registration statement, seeking to convert its existing Zcash Trust into an exchange-traded fund listed on NYSE Arca under the ticker ZCSH. The filing, submitted to the U.S. Securities and Exchange Commission on August 18, 2026, represents a procedural step toward creating the first U.S.-listed ETF tracking a privacy-focused cryptocurrency. If approved, the product would offer investors regulated exposure to ZEC through a traditional brokerage account.

The proposed structure outlines that shares would be created and redeemed primarily through cash orders, a model aligning with recently approved spot Bitcoin and Ethereum ETFs. Authorized participants could still create shares in-kind by delivering ZEC, but in-kind redemptions are not permitted. The trust, a Delaware statutory entity sponsored by Grayscale Investments Sponsors, LLC, would use proceeds from cash creations to acquire ZEC. Coinbase Custody Trust Company is designated as the custodian for the underlying assets, with Bank of New York Mellon serving as transfer agent and administrator.

A key detail in the amendment is the disclosure of nonbinding discussions...