Grayscale’s Zcash ETF Filing Reveals DCG Considering $110M Token Contribution

Grayscale has filed a fourth amendment in its effort to convert its Zcash trust into an exchange-traded fund, revealing that DCG International Investments, a subsidiary of parent company Digital Currency Group, is in talks to acquire roughly 200,000 ZEC tokens through the fund. At current prices, that stake would be worth approximately $110 million. The filing notes these discussions remain non-binding, meaning the potential investor could ultimately buy more, less, or none of the proposed amount.

Fund Rebrand and Listing Plans

As part of the filing, Grayscale proposes renaming the Grayscale Zcash Trust and listing its shares on NYSE Arca under the ticker “ZCSH.”

The SEC filing also references June’s Orchard vulnerability and the subsequent Ironwood network upgrade, which retired the affected shielded pool and introduced new protections against counterfeit ZEC being created.

Part of Grayscale’s Broader Altcoin ETF Push

This marks the latest in a series of altcoin-focused fund filings from Grayscale, following its staked Avalanche fund and Hyperliquid ETF, along with a recent filing for a Worldcoin-tracking spot fund.

Spot ZEC ETF trading volume peaked above $23 million in November 2025 but has since slowed considerably, with ZCSH failing to top $5 million in volume since June, according to market data.