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Following
ZEC Zcash broke through the US$700 mark, gray submitted the fourth version of the ETF amendment
On August 21, the price of Zcash exceeded US$700, returning to the key resistance area formed during the November rally. The privacy-focused token rose 21.5% on the day and has risen 42.7% in the past week, doubling its 24-hour transaction volume to US$1.44 billion. In terms of market value,ZEC currently ranks 11th with approximately US$11.79 billion.
Gray submits the fourth edition of ETF amendment
This price rise coincides with Gray Investment 's new progress in promoting the conversion of its Zcash trust into spot ETFs. Gray filed the fourth version of the amendment with the U.S. Securities and Exchange Commission (SEC) on August 19, 2026, aiming to promote the transformation of its funds into Zcash ETFs. The amendment proposes to rename existing products and list them on the Arca section of the New York Stock Exchange under the code ZCSH. If approved, ZCSH will become the first privacy coin spot ETF in the United States. Previously, the SEC concluded its long-term investigation of the Zcash Foundation in January 2026 and did not take any enforcement action.
This conversion mechanism is the same as the method used when Gray Bitcoin Trust was transformed into GBTC spot ETF in January 2024, and Gray Ethereum Trust was transformed into ETHE in May of the same year.
DCG subsidiaries plan to hold ZEC positions worth US$110 million
Regulatory documents also disclosed that Digital Assets Group (DCG) subsidiary DCG International Investment Co., Ltd. is in talks to inject nearly 200,000 ZECs into the fund. Based on prices at the time of disclosure, this amount corresponds to approximately US$110 million. Gray emphasized that no binding purchase agreement has yet been reached, and if the final transaction occurs, the actual scale may be significantly different from the amount under negotiation.
There is a deep correlation between DCG and Zcash network. Its subsidiary, Fortitude Mining, is engaged in ZEC mining and maintains network infrastructure. The ZEC mining pool operated by another subsidiary, Foundry Digital, accounted for approximately 15.4% of Zcash's network's total power in the month ending July 2026.
Thedocument also details the June Orchard vulnerability and the subsequent Ironwood upgrade-which removed the affected shield pool and introduced security mechanisms to prevent counterfeit ZECs. As of June 30, the trust had a net asset value of $155.2 million and held approximately 2.3% of ZEC's circulating supply. The listing of the ETF still needs to await SEC review and New York Stock Exchange Arca approval before it can be traded.
