Grayscale 提交首个隐私币现货 ETF 申请,Multicoin Capital 披露已建仓 ZEC

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ChainCatcher news: Grayscale has submitted a Zcash spot ETF application, converting the existing Zcash trust into a spot product and becoming the first privacy coin ETF seeking to list in the United States. Meanwhile, Multicoin Capital disclosed that it has been building a position in ZEC since February. Co-founder Tushar Jain linked the investment rationale to proposed U.S. wealth tax legislation, arguing that expanding government monitoring of private financial holdings will drive structural demand for assets that are obscured at the mathematical layer.

However, the filing also raises institutional custody challenges: about 30% of Zcash’s supply is held in shielded address pools, the highest level ever. Yet ETF custody almost has to use transparent address pools to meet audit and balance proof requirements. Previously, the SEC ended its long-running review of Zcash in January 2026 without taking enforcement action, substantially reducing regulatory uncertainty.

ZEC-4.75%
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