Zcash traded near $1,185, gaining 11% over 24 hours, while Grayscale’s ZCSH spot ETF (fund holding the asset directly) held $463.2 million as of Sept. 4. The fund began trading on NYSE Arca on Aug. 25 after converting from Grayscale’s Zcash Trust, which had operated since 2017. ZCSH shares closed at $83.77, up 7.62% for the day, before slipping to $82.20 in after-hours trading. Its net asset value per share was $83.48, within a 52-week range of $3.54 to $84.23. The fund held 444,608 ZEC tokens, had 5.55 million shares outstanding and recorded daily volume of 804,728 shares. Yahoo Finance put its year-to-date return at 166.44%. ZCSH became the first U.S.-listed spot ETF for a privacy-focused token, offering investors ZEC exposure without a crypto wallet or exchange account. Grayscale’s head of index, Steve Vanourny, tied the launch to rising demand for financial privacy, saying, "As AI reshapes how financial activity can be monitored, we believe demand for genuine financial privacy will only grow." Zcash’s rally began before the ETF launch after the token reached an eight-year high in August. Its market capitalization has since topped $20 billion, according to BeInCrypto data, although ZEC remains below its 2016 all-time high of $3,191.93. Investors are assessing whether ETF inflows can keep pace with ZEC’s volatility.