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08/23/2026

Zcash Hits Eight-Year High Near $850 Amid Grayscale ETF Conversion Push

What happened: Zcash (ZEC) surged to an intraday high of $855 on August 22, its highest level since January 2018, following Grayscale's fifth amended SEC filing to convert its Zcash Trust into a spot

Zcash Hits Eight-Year High Near $850 Amid Grayscale ETF Conversion Push

What happened: Zcash (ZEC) surged to an intraday high of $855 on August 22, its highest level since January 2018, following Grayscale's fifth amended SEC filing to convert its Zcash Trust into a spot ETF. Futures trading volume hit $9.54 billion in 24 hours, with open interest at $1.8 billion—about 13% of ZEC's $13.8 billion market cap. Grayscale's trust holds over $260 million in ZEC, and parent company DCG is in talks to contribute up to 200,000 ZEC to the fund.

Why it matters: The move spotlights how ETF speculation can drive sharp price moves in privacy coins, even as Zcash remains 75% below its all-time high. The rally is heavily derivatives-driven, with futures volume nearly nine times spot, raising caution about leverage-fueled volatility. The ETF conversion bid, if successful, could further legitimize privacy assets in U.S. markets, but regulatory hurdles remain significant.

Source: The Block