TL;DR:
- Grayscale filed its fourth amendment with the SEC to convert its trust into the NYSE Arca exchange-traded fund under the ticker “ZCSH”.
- Subsidiary DCG International Investments Ltd. is in non-binding talks to acquire nearly 200,000 ZEC, valued at approximately $110 million.
- The regulatory filing incorporates technical background regarding the June Orchard vulnerability and the rollout of the Ironwood upgrade.
Digital asset manager Grayscale filed its fourth amendment with the U.S. Securities and Exchange Commission (SEC) this August 19, 2026, aiming to advance the conversion of its fund into the Zcash ETF.
The official filing with the regulator proposes renaming the current vehicle as Grayscale Zcash Trust and listing its shares on the NYSE Arca exchange under the ticker symbol ZCSH.
The regulatory filing revealed that DCG International Investments Ltd., a subsidiary of parent company Digital Currency Group, is in negotiations to contribute nearly 200,000 ZEC units to the fund. At the time of disclosure, this volume represents an estimated value of $110 million.
However, official records caution that these preliminary discussions do not constitute a binding purchase commitment. Consequently, the investing entity could choose to acquire a larger or smaller amount, or forgo purchasing shares altogether.
Technical Details and Market Context in the Filing
The document submitted to the SEC outlines the security measures implemented by the protocol in recent months. Key developments include the mitigation of the vulnerability identified in June within the Orchard shielded pool, followed by the execution of the Ironwood technical upgrade.
This upgrade deprecated the affected environment and deployed protections to prevent unauthorized issuance of ZEC units.
Grayscale’s move adds to a series of regulatory applications submitted by the firm throughout the year. Recent filings by the asset manager include proposals for staking-yield Avalanche funds, Hyperliquid, and a spot investment product based on Worldcoin.
On the trading side, that ZCSH trust volumes flattened throughout 2026, holding below $5 million per month since June after peaking at $23 million in November 2025.
During the August 19, 2026 session, the price of ZEC rose at least 10% over the last 24 hours, trading around $555 per unit and reaching an estimated market capitalization of $9.4 billion.
The fund’s progression remains subject to technical review and final determination by SEC regulators within upcoming administrative deadlines.
