Zcash climbed to roughly $840 on Monday, up about 6% over the past 24 hours and near an eight-year high, as Grayscale's conversion of its Zcash Trust into a spot ETF moves toward a Tuesday listing on NYSE Arca. The token has traded as high as $857 in recent sessions, according to CoinGecko , and is up close to 70% over the past week.
Grayscale filed its fifth amendment to the conversion on August 21, following a fourth amendment filed August 18, according to Cryptobriefing . Shares are set to begin trading on or about August 25 under the ticker ZCSH, moving from the OTCQX marketplace, where the trust has traded since October 2021, onto NYSE Arca's primary listing venue.
The new structure introduces continuous share creation and redemption run by authorized participants Jane Street Capital and Virtu Americas, a mechanism designed to close the gap between the trust's market price and the underlying value of the ZEC it holds. Coinbase Custody will continue holding the tokens, with Bank of New York Mellon serving as transfer agent and Grayscale charging a 2.5 percent annual sponsor fee. The trust currently holds roughly 391,000 to 393,000 ZEC, worth more than $260 million.
If the conversion completes, the fund would become the first US ETF to track Zcash directly, giving investors regulated exposure to a privacy-focused token without holding it themselves. Futures volume tied to ZEC has climbed toward $10 billion in recent sessions, suggesting derivatives traders have already positioned around the listing.
The rally represents a sharp reversal from June, when Zcash lost roughly half its value after a security vulnerability forced an emergency network upgrade . ZEC has now recovered past its pre-incident levels and reached prices last seen in early 2018, making it one of the best-performing large-cap tokens of the past month.
Whether the rally holds beyond the listing date is a separate question from whether the ETF gets approved on the terms Grayscale has filed. The SEC has not yet signed off on the conversion, and a filing being amended twice in four days points to continued back-and-forth with regulators rather than a settled structure, even as the trust prepares to move exchanges.
