Grayscale has filed its fourth amended registration document for the conversion of its Zcash Trust into an exchange-traded fund, outlining plans to rename the product and list it on the New York Stock Exchange under the ticker ZCSH. The filing says DCG International Investments Ltd., an affiliate under Grayscale parent Digital Currency Group, is discussing a potential contribution of roughly 200,000 ZEC to the fund, worth about $110 million at current prices. The document also makes clear that the contemplated transaction is not a binding purchase agreement or commitment, and that the investor could ultimately buy more shares, fewer shares, or none at all. In the same filing, Grayscale disclosed the Orchard vulnerability reported in June and the later Ironwood upgrade, which disabled the affected shielded pool and added protections against counterfeit ZEC. The filing also noted weaker trading activity, with spot ZEC ETF volume down sharply from a peak above $23 million in November 2025, while ZCSH has not posted a daily trading volume above $5 million since June.
Grayscale has submitted its fourth amended filing to convert its Zcash Trust into an exchange-traded fund, with plans to rename the fund and list it on the New York Stock Exchange under the ticker ZCSH, according to BlockBeats on Aug. 20.
Filing outlines possible DCG seed investment
The document says DCG International Investments Ltd., an entity under Grayscale parent Digital Currency Group, is in discussions to contribute about 200,000 ZEC to the fund. At current prices, the filing values that amount at roughly $110 million.
The filing also says the proposed transaction does not currently represent a binding purchase agreement or commitment. It adds that the potential investor could ultimately purchase more fund shares, fewer shares, or no fund shares at all.
Amendment also references June security issue
The same filing disclosed the Orchard vulnerability that occurred in June, along with the Ironwood upgrade that followed. According to the document, the upgrade disabled the affected shielded pool and added protections designed to prevent counterfeit ZEC.
Trading volume has fallen from prior peak
At the same time, spot ZEC ETF trading volume has dropped noticeably from a peak of more than $23 million in November 2025. Since June, ZCSH has also not recorded a single trading day with volume above $5 million.
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