On August 25, 2026, NYSE Arca began trading shares of The Zcash ETF under the ticker ZCSH. The new product from Grayscale Investments became the world's first exchange-traded fund providing spot exposure to Zcash (ZEC). Previously, in November 2025, the company filed an application to convert the closed-end Grayscale Zcash Trust (ZEC) into a spot ETF — the same approach the organization used to bring several other funds to market.
According to the fund's official website, assets under management total approximately $304.6 million, equivalent to 387,849 ZEC coins. There are 4.83 million trust shares in circulation, corresponding to approximately 0.0803 ZEC per share. At this ratio, the net asset value (NAV) stands at $63.07. At the close of trading on August 25, shares were priced at $63.10, meaning they traded at virtually no premium to NAV.
The management fee is set at 2.5% per annum, which is relatively high compared to other exchange-traded funds, including altcoin-based products. The fee is paid in ZEC, causing the coin allocation per share to gradually decrease. That said, at the time of filing, Grayscale Investments committed to directing up to 100% of fees toward the development of the Zcash ecosystem and the promotion of ZCSH for a period of up to 12 months following the launch of trading.
Bloomberg Intelligence analyst Eric Balchunas noted that capital has begun returning to ETFs based on so-called defensive assets — namely Bitcoin and gold — as evidenced by their appearance in the top 10 funds by trading volume. In his assessment, inflows into Bitcoin ETFs also signal increased liquidity for similar altcoin-based products.
ZEC itself has recently been showing upward momentum. The ecosystem recently released the Ironwood update, which patched a vulnerability in one of the shielded pools. Against this backdrop, ZEC's price climbed to $880; however, at the time of writing, it failed to hold that level and fell below $800. Nevertheless, the weekly chart still shows a gain of more than 54%.
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This material is prepared for informational purposes only and does not constitute financial advice or a recommendation.