Grayscale advanced the Zcash ETF declaration, driving ZEC up on Saturday. The market saw more details of the product in the new version of the registration document, and ZEC went up $800 and went back to the price range that had been rare since early 2018.

Details of the fifth edition of the supplementary document

On 21 August, Graysdale submitted the fifth revised version of the registration statement to the United States Securities and Exchange Commission. The new document supplements some of the previously undefined elements, but this does not mean that SEC has approved the listing of the product.

If subsequently approved, it would be the first ETF to follow ZEC directly. The proposed market location is NYSE Arca, with a trade code ZCSH.

  • Management rate set at 2.5 per cent
  • Coinbase Custody Trust Company as trustee
  • Melon Bank, New York, responsible for administration and transfer

The document also shows that Jane Street and Virtu have signed an agreement to act as authorized participants. Such an institution would normally be responsible for the acquisition and recovery of ETF shares and would have a direct impact on the running of the product.

ZEC returns to 2018 price range.

Before and after the document was disclosed, ZEC ' s increase further increased. The coin rose on Saturday at $800, and some of the sources showed prices exceeding $830, a high of about eight years.

Previous reports indicate that ZEC has accumulated an increase of over 60 per cent over the past seven days. This means that the focus of current market transactions is more on the expected warming of the ETF push than on the result of official approval.

After fluctuations in the course of the year, attention will be given

Zcash experienced a clear wave of fluctuations this year. In June, the development team revealed that there was a serious gap in the Orchard shield and that the news had triggered a sale. The network function was subsequently restored as a result of emergency repairs and no new major agreement deficiencies were identified in subsequent security audits.

Since then, the network has continued to advance the Ironwood upgrade, with the objective, in part, of enhancing the shielding trading system and responding to the previous exposure to Orchard events.

However, the update of the ETF document does not mean that the product will be launched. Grayscale has also previously withdrawn a large number of applications for registration of ETFs involving Cardano, Hedera and Polkadot. This suggests that declaring progress can drive market sentiment, but does not necessarily translate into formal listing.