The privacy-coin sector’s market capitalization rose from $11.97 billion to $36.51 billion over five months, an increase of $24.54 billion, or about 205%. Zcash (ZEC) contributed $20.27 billion of the increase, while Monero (XMR) added $4.33 billion. In January, the SEC (U.S. securities regulator) ended its investigation into the Zcash Foundation without recommending enforcement. On Aug. 25, Grayscale converted Zcash Trust into the ZCSH spot ETF (an exchange-traded fund holding the asset directly), which listed on NYSE Arca as the first listed U.S. spot ETF focused on privacy coins. On Sept. 8, Digital Currency Group exchanged ZEC for about $100 million in ZCSH ETF shares. During the same period, ZEC climbed from $319 to $1,507, while XMR rose from $330 to $555.