Grayscale is moving to list the first U.S. exchange-traded fund (ETF) tracking Zcash (ZEC), a once-niche privacy coin that has surged into the crypto mainstream in 2025. The firm filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) Wednesday morning, seeking to convert its existing Zcash Trust into a spot ETF. The move mirrors Grayscale’s strategy with other products like its Bitcoin Trust, which was the first to be converted into an ETF in 2024. If approved, the fun ...