Graysdale's Zcash ETF started trading on Tuesday at NYSE Arca, code ZCSH. Investors can obtain ZEC price openings through voucher accounts without having to buy or keep tokens. The product was converted by Grayscale Zcash Trust, established in 2017.

From trust to exchange products

Grayscale submitted an application to the US Securities and Exchange Commission in November last year to promote the conversion of this private trust into an exchange-trade fund. As an exchange product, investors hold a share of the fund, not a direct share of ZEC, which essentially tracks changes in the value of ZEC held by the fund.

Grayscale states that Zcash has been in operation for nearly 10 years and has a fixed supply ceiling and a workload proof mechanism, which are close to bitcoin. At the same time, the company believes that some investors want to allocate more digital assets through the existing voucher account outside Bitcoin and the Etherport.

  • Listing code: ZCSH
  • Place of transaction: NYSE Arca
  • Product start: Private collection trust established in October 2017

After the leaks were repaired,

Shortly before the ETF came on the market, Zcash had just addressed a serious loophole affecting the privacy trading system. In May, a security researcher, Taylor Hornby, using Claude Opus 4.8 of Anthropic, discovered that the Orchard shield of Zcash had a loophole that had lasted about four years and could theoretically be used to forge ZEC.

The development team urgently deployed the patch on 1 June, but due to the privacy of Zcash, it was not possible to confirm by password whether the loophole had been exploited. This left some doubt after the incident was repaired.

Ironwood replaced the old shield pool

In July, Zcash started the Ironwood upgrade, replacing Orchard with a new shield. The new scheme incorporates stricter bookkeeping restrictions to ensure that the number of ZECs flowing from decommissioned old pools does not exceed previous inflows, thus limiting the possible presence of counterfeit coins to old pools.

Grayscale states that the follow-up will focus on Zcash adoption, actual use and network security, not just token prices. Companies will also be concerned about Ironwood upgrades, exchange support, and regulatory changes in attitudes towards Zcash and privacy-type encrypted assets.