Grayscale has filed an amended proposal with the U.S. Securities and Exchange Commission as it seeks to convert its Zcash Trust into an exchange-traded fund. The updated filing would rename the product and list its shares on NYSE Arca under the ticker ZCSH.

The amendment also disclosed that DCG International Investments Ltd. is in discussions about a potential purchase of roughly 200,000 ZEC through the trust. Based on current prices cited in the filing coverage, that position would be worth close to $110 million, although the talks are nonbinding and could result in a smaller transaction or none at all.

Amended filing advances ETF plan

The new SEC amendment marks another step in Grayscale’s effort to bring a Zcash ETF to market. If approved, the existing trust would be converted into an exchange-traded fund, given a new name and listed on NYSE Arca as ZCSH.

The filing does not mean approval has been granted, but it shows the proposal is continuing through the regulatory process. For Grayscale, the move fits its broader push to turn single-asset crypto investment products into exchange-traded funds.

DCG weighs sizable but nonbinding investment

Alongside the ETF update, the filing said DCG International Investments Ltd. is considering buying about 200,000 ZEC through the trust. At the price referenced in market coverage, the holding would be worth nearly $110 million.

Grayscale indicated that the discussions are nonbinding. That leaves open several outcomes: the purchase could be completed at a smaller size, the terms could change, or the investment may not happen at all.

Zcash-specific disclosures included in the filing

Grayscale also included network-related disclosures tied to Zcash. The amendment described the June Orchard vulnerability and referenced the project’s Ironwood upgrade.

According to the filing summary, Ironwood retired the shielded pool and introduced protections intended to defend against counterfeit tokens. Those disclosures help frame operational and technical developments around the asset underlying the proposed fund.

Market reaction and broader product expansion

ZEC was cited at about $552.63, up 9.54% over the past 24 hours and 13.99% over seven days. At that level, its market capitalization was reported at roughly $9.33 billion.

The Zcash filing also comes as Grayscale continues expanding its altcoin ETF roster. Avalanche, Hyperliquid and Worldcoin were named among its latest additions, underscoring a broader strategy beyond bitcoin- and ether-linked products.

What comes next

The next confirmed step is continued SEC review of Grayscale’s amended proposal. Until regulators act, the Zcash Trust remains a proposed ETF conversion rather than a listed fund.

Separately, DCG’s possible ZEC purchase remains only under discussion. Whether that investment proceeds, and at what size, will depend on the outcome of those nonbinding talks.

Source: Coin Edition