Grayscale Files First U.S. Spot Zcash ETF Bid as Multicoin Capital Builds ZEC Position

Grayscale filed on May 8 to launch a spot Zcash ETF, proposing to convert its existing Zcash trust into a spot product. The submission marks the first U.S.-listing attempt for a spot ETF tied to a privacy-focused cryptocurrency. Separately, Multicoin Capital said it has been steadily adding to its ZEC holdings since February. Market reports said Zcash recently climbed to $600, lifting its market capitalization into the top 15. Because Zcash operates both transparent and shielded address pools, industry observers expect that if the ETF moves forward, custody, audit processes, and market-making activity would likely depend primarily on the transparent pool. The U.S. Securities and Exchange Commission previously wrapped up a long-running review of Zcash in January 2026 without taking enforcement action.