Grayscale Investments Chief Legal Officer Craig Salm said the firm’s Zcash investment product has been upgraded into what he called the world’s first Zcash exchange-traded product, or ETP, opening a wider compliant access route for a privacy-focused crypto asset. According to Salm, investors can now gain exposure to ZEC through a traditional financial product registered with the U.S. Securities and Exchange Commission. He said that shift shows the Zcash ecosystem, after nearly a decade of development, is moving into a new institutional stage. Salm also revisited Grayscale’s earlier Zcash product timeline, noting that the firm launched the Zcash Investment Trust in 2018, when the ZEC trust was one of only four products it offered. After years of regulatory engagement, that vehicle was recently converted into the Zcash ETP under the ticker ZCSH. Grayscale also pointed to on-chain usage data, saying shielded transactions hit a record 59.3% of ZEC transactions in February 2026 and moved back near that level after the latest Ironwood upgrade, while about 4.4 million ZEC are currently held in the shielded pool, equal to roughly 26% of circulating supply.
Grayscale Investments Chief Legal Officer Craig Salm said the firm’s Zcash investment product has been upgraded into what he described as the world’s first Zcash exchange-traded product, or ETP, giving privacy-focused crypto assets a broader route into compliant investment channels.
With the launch of the Zcash ETP, investors can gain exposure to ZEC through a traditional financial product registered with the U.S. Securities and Exchange Commission, or SEC. Grayscale said that, after nearly a decade of development, the Zcash ecosystem is now moving into a new institutional phase.
From a 2018 trust to the ZCSH ETP
Salm said Grayscale launched the Zcash Investment Trust in 2018, when the ZEC trust was one of just four products offered by the company. After years of discussions with regulators, the product was recently converted into the Zcash ETP and now trades under the ticker ZCSH.
He said bringing a Zcash product to the public market was not easy. Because ZEC includes privacy-preserving features, Grayscale faced heavier regulatory scrutiny when it launched its first publicly quoted Zcash fund in 2021, though the product was ultimately brought to market.
Shielded transaction usage remains near record levels
Grayscale also cited data showing that adoption of Zcash’s privacy transaction features has continued to rise in recent periods. In February 2026, shielded transactions accounted for a record 59.3% of ZEC transactions. After the latest Ironwood upgrade, that figure moved back close to the same level.
At present, about 4.4 million ZEC are held in the shielded pool, representing roughly 26% of circulating supply.
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