Grayscale Launches Zcash ETF, Listing on NYSE Arca After Key Privacy Vulnerability Patch

Odaily News – Digital asset management firm Grayscale’s Zcash ETF began trading on NYSE Arca on Tuesday under the ticker ZCSH. The product is the world’s first exchange-traded product offering spot exposure to Zcash, allowing investors to track the price of ZEC through a securities account without needing to directly purchase or store the token.

ZCSH was formerly the Grayscale Zcash Trust, established in October 2017 as a private placement. Grayscale filed an application with the U.S. Securities and Exchange Commission in November 2025 to convert the trust into an ETF, with shareholders holding shares that track the value of the fund’s ZEC holdings rather than holding ZEC directly.

In May of this year, security researcher Taylor Hornby, using Anthropic’s Claude Opus 4.8, discovered a four-year-old vulnerability in Zcash’s Orchard shielded pool that could have allowed an attacker to mint counterfeit ZEC. Developers deployed an emergency patch on June 1, but due to the privacy mechanism, it was impossible to cryptographically confirm whether the vulnerability had been exploited.

Zcash activated the Ironwood upgrade in July, replacing the Orchard pool with a new shielded pool and introducing accounting rules that limit the amount of ZEC exiting the old shielded pool to no more than the amount entering it. Grayscale stated it will monitor adoption of the Ironwood upgrade, network security, exchange support, and the regulatory landscape for privacy assets. (Decrypt)