Zcash Surges to Eight-Year High as Grayscale Files for ETF Conversion

Published Aug 24, 04:46 PM UTC

Zcash (ZEC) surged 66% over the past week, reaching an eight-year high of $841 on Monday, driven by a broad crypto rally and a catalyst from investment manager Grayscale. Grayscale filed an amendment with the SEC on Friday to convert its Zcash Trust into an exchange-traded fund (ETF) to trade on the NYSE under ticker ZCSH. The broader crypto market rallied after the Treasury Department's bond-buyback announcement, renewed political support, and short-position liquidations, with Bitcoin nearing $80,000. Zcash's privacy features, using zero-knowledge cryptography to shield transaction details, have led some to call it 'perfect Bitcoin.' However, these same features raise concerns about potential use for money laundering or sanctions evasion, making it harder for exchanges and law enforcement to trace illicit funds.