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Crypto
Grayscale Files to Convert Zcash Trust to ETF; Bitwise Solana Fund Accumulates
11/26/2025, 14:06
11/26/2025, 14:36
AI SUMMARY
●• Grayscale files Form S-3 to convert Zcash Trust (ZCSH) into a spot ETF
●• Bitwise Solana ETF withdraws $26M SOL from Coinbase, holding $587M total
●• Barry Silbert highlights Zcash Trust's history as a 2017 product
Grayscale has officially filed an initial registration statement on Form S-3 with the SEC to convert its Grayscale Zcash Trust (ZCSH) into a spot ETF. This move signals continued interest in expanding single-asset crypto investment products and represents a significant step toward regulatory approval for a privacy-focused exchange-traded product in the US market.
Barry Silbert, founder of Digital Currency Group, highlighted that the Zcash Trust was one of Grayscale's earliest products, launched in 2017 before privacy coins became a major investment theme. This initiative comes as issuers explore altcoin ETFs beyond Bitcoin and Ethereum, with Grayscale taking the lead on privacy assets.
In parallel developments, the Bitwise Solana ETF has been active, withdrawing approximately $26 million in SOL from Coinbase, bringing its total holdings to around $587 million. While Solana ETFs record net inflows, privacy coins are now facing renewed institutional attempts via Grayscale's latest filing.
[Update 1] New details confirm the filing specifically targets the conversion of the existing Zcash Trust (ZCSH) to an ETF, with Barry Silbert noting the trust's long history since 2017.