Grayscale jumps on ZEC’s explosive rally with new ZCash Trust filing

Grayscale, one of the most prolific issuers of crypto-based products, announced a filing for a ZCash trust. The new product appeared following one of the biggest ZEC rallies since 2018. 

Grayscale has moved in to adopt a risky but prominent asset, ZEC. The ZCash Trust will become a part of Grayscale’s portfolio, which includes a selection of relatively risky tokens. Craig Salm, the company’s Chief Legal Officer, announced the new product. 

1/ We just filed @Grayscale Zcash Trust's (Ticker: ZCSH) initial registration statement on Form S-3.

This is an important step for launching the first ZEC ETPs.https://t.co/3jWRDSFxK0 pic.twitter.com/O9scaH2yZY

— Craig Salm🛡️ (@CraigSalm) November 26, 2025

The launch of a Trust, a form of exchange-traded product (ETP), may precede a transformation into a full ETF. For now, Grayscale continues to support multiple ETP products with significant liquidity. 

Until recently, ZEC was overlooked for any form of legalized adoption, due to the anonymous nature of the network. ZEC traded in tokenized form or as a de-anonymized asset. The addition of ZEC as an ETP asset will expose a wider selection of investors. 

ZCash Trust to be offered to accredited investors

As with other niche or riskier assets, the ZCash Trust will be limited to accredited investors, U.S.-based legal persons above a $1M net worth and $200K in annual income. 

The Trust shares will start trading on the OTC market as ZCHS, and will be issued on an ongoing basis to reflect investor and trader demand. 

Subsequently, Grayscale expects to list ZCSH on NYSE Arca. Grayscale expects the shares to offer the potential for arbitrage until they start trading on par with the net asset value per share. Grayscale expects a more liquid market to reflect the price of ZEC better. 

The Trust will create or redeem shares to balance the price and NAV, reflecting trader demand. The fund will issue baskets of 10,000 ZCSH shares, with a daily readjustment against the current price of ZEC. 

Reliance Global Group builds ZEC treasury

The recent prominence of ZEC also led to the launch of a dedicated treasury company. Reliance Global Group, Inc. (RELI) announced that it has built a new ZEC position through a direct cash investment, as part of its digital asset treasury (DAT) strategy. ZEC will be the primary digital asset for the company. 

‘We deployed additional cash into our Zcash position because our ongoing analysis supports our decision to maintain ZEC as our primary digital asset exposure within our treasury strategy,’ said Moshe Fishman, Director of Insurtech at Reliance and member of the company’s Crypto Advisory Board. 

In the past two months, ZEC has been mostly supported by retail buying and several large whale purchases. ZEC recovered to $503.61 after a recent dip to the $480 range.

ZEC open interest remained flat at $711M, with less aggressive short positions. The coin still awaits a new breakout to reclaim the $700 price range before climbing to a higher price range. 

ZEC is still up by 100% against BTC in the past month, trading at 0.0059 BTC.

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