ZEC Falls 1.1% on November 30 Following Grayscale’s Zcash ETF Application

Grayscale Seeks to Launch First U.S. Spot Zcash ETF

Grayscale has initiated a major development in the cryptocurrency sector by applying to transform its Zcash Trust into the first spot ETF in the United States dedicated to Zcash, a digital currency known for its privacy features. This strategic move follows a year in which Zcash has soared by 709.35%—a growth rate that far exceeds that of leading cryptocurrencies like Bitcoin and Ethereum. The ETF application was submitted to the SEC via an S-3 registration, echoing Grayscale’s earlier transition of its Bitcoin Trust into an ETF in 2024.

Growing Embrace of Privacy in Zcash Transactions

In 2025, Zcash has seen a significant uptick in the use of its shielded transactions, with roughly 30% of all ZEC transactions now utilizing the shielded pool. Additionally, between 20% and 25% of the total ZEC supply is currently stored in encrypted addresses. This trend highlights a rising demand among investors for digital assets that offer enhanced privacy and confidentiality, especially as the broader cryptocurrency market has experienced notable volatility this year.

Market Performance and Potential Impact of the ETF

Despite these advancements, ZEC’s value dipped by 1.1% in the past 24 hours, settling at $455.77 as of November 30, 2025. Over the previous week, the price dropped by 10.93%, though it remains up 12.55% over the last month. Grayscale’s ETF proposal is viewed as a possible catalyst for increased institutional participation and could help Zcash reach a wider audience beyond its core privacy-focused supporters.

Implications for the Cryptocurrency Industry

If approved, this ETF would represent a landmark moment for privacy coins, signaling their growing acceptance within mainstream finance. Such a development could indicate a shift in investor attitudes toward digital assets that emphasize anonymity and security. Experts believe that listing Zcash as an ETF could draw in new types of investors, including those who have previously been wary of privacy-oriented cryptocurrencies.

Zcash’s Rising Profile and Institutional Support

Zcash’s strong performance throughout 2025 has positioned it as a formidable contender among established cryptocurrencies. The increasing adoption of shielded transactions and a robust price trend suggest that the Zcash network is gaining momentum as a preferred choice for users seeking greater privacy in their digital dealings. Grayscale’s ETF filing further strengthens this momentum by adding institutional credibility.

Regulatory Outlook and Future Prospects

As the SEC evaluates Grayscale’s application, the crypto community is watching closely for regulatory decisions that could influence the acceptance of privacy-centric digital assets. The outcome of this process may set important precedents for future ETF proposals and play a key role in shaping the regulatory environment for cryptocurrencies in the United States.