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ZEC ETF track widens: Grayscale takes core position in a new stage
The crypto asset ETF market is entering a new stage, and Grayscale is putting itself at the center of this transformation. At the Token2049 Singapore conference, Krista Lynch, managing director of Grayscale, said that the common listing standards launched by the U.S. Securities and Exchange Commission (SEC) have built a framework covering about 15 tokens, giving issuers greater autonomy to decide which digital assets can support investment products.
Lynch pointed out that issuers are gradually moving beyond Bitcoin and Ethereum and choosing targets more prudently based on investors 'needs and their own beliefs. This shift in the regulatory environment stems from September 2025 when the SEC approved the Nasdaq, Cboe and New York Stock Exchange (NYSE) common listing standards based on commodity trust shares. Under the standard, eligible funds can go public without submitting a separate rule change application, shortening the potential approval time from as long as 240 days to approximately 75 days.
Zcash ETF ranks among the best performers in the first month in a decade
Grayscale's Zcash ETF (code: $ZCSH) has become a prominent case in this new environment. The fund launched on NYSE Arca on August 25 and attracted more than $1 billion in assets in its first 30 trading days. According to Lynch, based on the size of funds raised in the first month, its performance ranks among the top 1% of all ETFs in the past decade.
值得注意的是该资金构成的细节。截至9月下旬，累计净流入约为3.06亿美元，其余资产管理规模（AUM）的增长主要得益于ZEC价格的显著上涨，以及从Grayscale Zcash Trust（该信托成立于2017年10月）结转而来的存量持仓。无论构成如何，其增长速度在任何ETF标准下均引人注目。
展望未来，Grayscale此前曾审查过27种加密货币，涵盖人工智能、去中心化金融（DeFi）、消费类应用及基础设施等类别。此外，该公司还依据SEC的创新豁免条款，提交了与比特币和以太坊挂钩的两只备兑看涨期权基金的代币化申请。Lynch将此视为在《Clarity Act》未能通过后的前行路径。
Lynch言论背后的更广泛启示在于结构性层面：对于山寨币ETF发行商而言，问题已不再仅仅是产品能否上市，而是哪些资产具备足够的投资者需求和叙事强度，以便在上市后吸引资本。
