Grayscale Investments has submitted an amended S-3/A registration statement to the U.S. Securities and Exchange Commission for a spot Zcash exchange-traded fund, marking the fourth update in its effort to convert the existing Grayscale Zcash Trust into an ETF. The preliminary prospectus, dated August 19, 2026, proposes listing shares on NYSE Arca under the ticker symbol ZCSH.
A key structural change in the revised filing is the move to cash creations and redemptions. Authorized participants would deposit cash to create shares, and the trust would use that cash to purchase ZEC, while redemptions would be settled in cash rather than through direct transfers of Zcash. This aligns the vehicle with operational models used by approved spot Bitcoin and Ethereum ETFs and may address SEC concerns around investor protection and market surveillance.
The filing also details the product's operational framework. Coinbase will serve as prime broker, Coinbase Custody Trust Company will provide custody, and Bank of New York Mellon is listed as transfer agent and manager. Additionally, a subsidiary linked to Grayscale parent Digital Currency Group is in negotiations to acquire approximately 200,000 ZEC through the trust, although that arrangement is not yet binding.
The SEC has not set a public comment period or decision deadline, and approval is not guaranteed. Privacy-focused assets such as Zcash may face additional regulatory scrutiny around anti-money laundering and know-your-customer standards. Still, the amended filing is a concrete step toward broader, regulated ZEC exposure and reflects continued institutional interest in expanding crypto investment products beyond Bitcoin and Ethereum.
