Grayscale has filed a fifth amendment with the Securities and Exchange Commission to convert its Zcash Trust into a spot ETF, potentially creating the first U.S. spot fund tied directly to Zcash and the first regulated ETF focused on a privacy-oriented digital asset. The proposed product would be renamed The Zcash ETF, list on NYSE Arca and trade under the latest filing's ZCH ticker, although earlier materials identified the ticker as ZCSH. An Aug. 21 8-K said shares could begin trading on or about Aug. 25, subject to regulatory approval. The fund would create and redeem shares continuously, charge a 2.5% annual sponsor fee, use Bank of New York Mellon as transfer agent and Coinbase Custody Trust Company as custodian. The trust holds more than $260 million in assets and approximately 391,000 to 393,000 ZEC, while discussions have involved a potential contribution of about 200,000 ZEC from a Digital Currency Group subsidiary, previously described as DCG International Investments. The existing trust has traded on OTCQX since 2021 and has historically diverged sharply from net asset value, reaching premiums of up to 240% and discounts of as much as 55%. Zcash uses zero-knowledge proofs to conceal transaction participants and amounts, a feature that has attracted regulatory scrutiny and led to exchange delistings in some jurisdictions.