Grayscale converted its Zcash Trust into ZCSH, the first U.S.-listed spot product focused on privacy coin ZEC, with shares trading on NYSE Arca after the registration statement went effective August 24 and the exchange certified the listing. Chief Legal Officer Craig Salm said the upgrade makes the vehicle the world’s first Zcash exchange-traded product, giving investors ZEC exposure through an SEC-registered traditional finance wrapper and marking a new institutional phase after nearly a decade of ecosystem development. He recalled the Zcash Investment Trust’s early lineup role and heavier regulatory review around the 2021 public quotation because of ZEC’s privacy features. The vehicle entered with about $314 million in assets and roughly 387,200 ZEC, a 2.5% sponsor fee, and a plan to direct up to 12 months of fee revenue to Zcash ecosystem support. Grayscale Head of Research Zach Pandl argued Zcash is undervalued and can challenge Bitcoin’s network effects as demand for financial privacy grows amid AI-powered surveillance, with scenario prices above $1,622 at a 2% share of Bitcoin market cap and about $8,100 at a 10% share. Shielded-transaction adoption hit a record 59.3% in February 2026 and has again approached that level after the Ironwood upgrade, with about 4.4 million ZEC in the shielded pool, or roughly 26% of circulating supply. After a strong weekly rally near multi-year highs around $880, ZEC later traded near $790, down about 7%, as futures open interest fell 12% to $1.65 billion. The listing eases brokerage access but does not resolve regulatory ambiguity around privacy assets.