Grayscale is making a new bet on the privacy market. The company has filed for registration to launch ZCash Trust — a tool that will allow investors to gain regulated access to ZEC first on the over-the-counter market, and later on NYSE Arca.
This move came right after a powerful ZEC rally, which became one of the largest since 2018 and attracted the attention of both institutional and retail investors.
Grayscale renews interest in privacy assets
ZEC has long been on the sidelines of regulatory progress. The network’s anonymity reduced the chances of funds or ETPs that could provide legal access to the asset.
Now the situation is changing. Filing for ZCash Trust is the first step toward a full-fledged ETF. This was reported by Craig Salm, Grayscale’s chief legal officer.
For Grayscale, this is a logical continuation of its strategy. The company is actively developing a line of structured products for risky and undervalued assets, considering them promising amid growing demand for alternative instruments.
ZCash Trust launches on OTC and will be available only to accredited investors
At the first stage, the Trust will be available only to accredited investors — individuals with an income above $200,000 per year or with a net worth of at least $1 million.
Trading will start on OTC under the ticker ZCSH. In the future, Grayscale plans to list the product on NYSE Arca, which will significantly increase liquidity and simplify access for institutional participants.
The fund will operate on a model with regular creation and redemption of baskets of 10,000 shares, reflecting the current price of the underlying asset. This will help align the market around the fair value of ZEC and avoid large deviations from NAV.
Demand for ZEC is growing: corporate treasuries are building positions
Amid market interest in privacy, Reliance Global Group announced the creation of its own treasury position in ZEC. The company plans to make the token the main digital asset in its DAT strategy.
According to Reliance representative Moshe Fishman, the decision to strengthen the position is based on internal analytics indicating the attractiveness of ZEC in the medium term.
ZEC holds its position despite volatility
In the past month, ZEC remained more volatile, but still grew by more than 100% relative to bitcoin
Over the past month, ZEC behaved extremely unstably, but at the same time showed one of the strongest growths in the market. The token stayed above $500 after a pullback and recovered after falling to $480.
A significant point is the growth of ZEC relative to bitcoin. Over the month, the asset gained more than 100% against BTC, reaching the level of 0.0059 BTC.
Open interest remains stable — about $711 million.
This indicates the absence of aggressive shorting and confirms cautious but steady demand. ZEC is still trying to regain the $700 range, which will become the basis for the next upward impulse.
What the launch of the Trust means for ZEC
The appearance of ZCash Trust puts ZEC in a different category. Now, an asset that was long considered too risky gets a chance to enter regulated markets and attract institutional capital.
If Grayscale manages to bring the product to an ETF format, it could become a key turning point for the entire privacy asset niche. Strong ZEC performance against BTC, stable open interest, and corporate demand give the token a foundation it has long lacked. The next market step is to test the $700 range and try to consolidate above it.
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