Zcash ETF Takes Another Step Forward: Wall Street to Bring Privacy Coins into Securities Accounts for the First Time

Zcash is gaining access to Wall Street with its "auditable privacy coin" positioning.

By Xiao Bing

On August 21, 2026, Grayscale filed the fifth amended registration statement for the Zcash Trust with the SEC. If approved, a product called "The Zcash ETF" (ticker: ZCSH) will list on NYSE Arca, becoming the first spot ETF in U.S. history to directly hold a privacy coin.

The market has long become accustomed to the notion that "everything can be an ETF." What truly stands out is that ZEC, over the past three years, has been delisted from 73 exchanges worldwide, banned from custody under EU legislation, and singled out by FinCEN as an "untraceable anonymity-enhanced cryptocurrency," yet it is now being packaged into a standardized securities product managed by BNY Mellon, custodied by Coinbase, and registered with the SEC.

The biggest identity reversal in privacy coin history is unfolding.

What Does the Filing Say?

The fifth amended filing finalizes key terms from the previous four rounds of review: the annual management fee is set at 2.5%, denominated in ZEC and accrued daily. BNY Mellon serves as the sponsor and transfer agent. Coinbase Custody acts as the custodian, while Coinbase Inc. serves as the lead broker-dealer. The product supports cash creation/redemption, as well as physical creation (Authorized Participants can directly exchange ZEC for shares), but does not currently support physical redemption.