Grayscale has filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Zcash Trust into a spot Zcash exchange-traded fund (ETF). This move marks a major step in bringing privacy-focused cryptocurrency Zcash (ZEC) into the regulated ETF market. The filing details the proposed ETF’s structure and operations to track the price of Zcash. The SEC filing outlines that the new Zcash ETF will hold real Zcash and track its price on the CoinDesk Zcash Price Index. Grayscale also supports a 19b-4 rule change, which would allow the ETF to be listed and traded on NYSE Arca once approved. The decision to use the S-3 form simplifies the conversion process for Grayscale, as it qualifies based on its size and prior successful conversions. Grayscale’s previous conversions of Bitcoin and Ethereum trusts into spot ETFs have set a precedent for the Zcash ETF. As a result, the company is able to leverage its regulatory track record. If approved, the...