Grayscale just filed to turn its
@Zcash Trust into a spot ETF.
This is the first privacy coin ETF application in history.
Multicoin Capital had been positioning since February: Tushar Jain disclosed a large ZEC stake built as a macro hedge before the news broke.
$ZEC ran from below $420 to nearly $640 on the filing, settled around $550, still up ~33% on the week with a $9.3B market cap.
Also the broader pattern is worth noting: Grayscale has now filed spot ETFs for Cardano, XRP, Dogecoin, NEAR, and now Zcash in quick succession.
Does a privacy coin ETF work structurally if 30% of supply is permanently unauditable?