Grayscale’s Zcash ETF, ZCSH, held $463.2 million in assets as of Sept. 4 while ZEC traded near $1,185, up 11% over 24 hours. ZCSH closed at $83.77, gaining 7.62% during the session before slipping 1.87% to $82.20 after hours. The fund converted from Grayscale’s Zcash Trust, which had operated since 2017, and began trading on NYSE Arca on Aug. 25. It held 444,608 ZEC tokens, had 5.55 million shares outstanding and posted a 166.44% year-to-date return. ZCSH became the first US-listed spot ETF for a privacy-focused token, giving investors ZEC exposure without a crypto wallet or exchange account. Zcash’s market capitalization has climbed above $20 billion, although ZEC remains below its 2016 all-time high of $3,191.93. Grayscale’s Steve Vanourny linked the launch to rising demand for financial privacy as artificial intelligence changes how financial activity can be monitored. Whether ETF inflows can keep pace with ZEC’s volatility remains an open question for investors.