Grayscale Investments has filed Amendment No. 4 to its Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) on August 19, 2026, for a proposed spot Zcash ETF. The filing brings the proposed fund closer to a possible listing on NYSE Arca under the ticker ZCSH.
The revised filing changes how ETF shares would be created and redeemed. Grayscale plans to handle both processes mainly through cash orders. In-kind creation would remain possible, while the proposed structure would not allow in-kind redemptions under the current filing.
The change gives the proposed Zcash fund an operating structure similar to those of recently approved spot Bitcoin and Ethereum ETFs. Grayscale is seeking to convert its Zcash Trust into an exchange-traded fund that would give investors exposure to the price of ZEC through a listed product.
Zcash ETF Adopts Cash-Based Creation and Redemption Structure
The cash-based structure is one of the main changes in Amendment No. 4. Under the proposal, investors and authorized participants would mainly use cash when creating or redeeming shares. Grayscale has retained the option for in-kind creations within the proposed fund structure.
In-kind redemptions, however, are not permitted under the latest filing. The change marks a departure from the earlier language in the registration statement and brings the proposed fund closer to the structure used by existing spot Bitcoin and Ethereum ETFs.
Grayscale has not disclosed a management fee or any fee waiver for the proposed Zcash ETF. If approved, ZCSH would trade on NYSE Arca and give investors a regulated, exchange-listed route for gaining exposure to ZEC without directly holding the cryptocurrency.
Grayscale Discusses 200,000 ZEC ETF Contribution
The filing also shows discussions between Grayscale and DCG International Investments Ltd. over a possible contribution involving about 200,000 ZEC. DCG International Investments is a wholly owned indirect subsidiary of Digital Currency Group, Grayscale’s parent company.
Under the proposed arrangement, DCG International Investments could obtain ETF shares through an authorized participant in exchange for 200,000 ZEC tokens. The discussions remain non-binding, meaning the contribution has not been finalized under the current filing.
ZEC reacted positively after news of the amended filing emerged during trading. The filing itself does not disclose fee terms for the proposed fund, leaving the final cost structure unresolved while Grayscale continues its registration process with the SEC.
SEC Review Shapes Grayscale’s Zcash ETF Plans
The amended registration marks progress toward a possible ZCSH listing, but SEC approval has not yet been secured. The regulator could still request more information or seek clarification about the proposed fund before reaching a decision, leaving Grayscale’s application subject to further review during the registration process.
Privacy-focused cryptocurrencies can face additional regulatory scrutiny because of concerns involving anti-money laundering and know-your-customer requirements. The proposed Zcash ETF would therefore remain subject to the SEC’s review process even after the changes made in Amendment No. 4.
