Zcash Reaches Eight-Year High Following Grayscale ETF Amendment

zcash">Zcash (ZEC) climbed to an eight-year high on Saturday, driven by progress on Grayscale's proposed exchange-traded fund. While the update advances the fund's status, it does not constitute official SEC approval.

Grayscale Updates ETF Details

Grayscale filed a fifth amended registration statement with the SEC regarding its proposed Zcash ETF. The updated filing sets the annual sponsor fee at 2.5% of the Net Asset Value (NAV) Fee Basis Amount, accruing daily, and renames the trust The Zcash ETF. Under the plan, shares would list on NYSE Arca under the ticker ZCSH.

Additionally, Grayscale pledged to direct 100% of the fee toward marketing and development for up to two months on a voluntary basis. The filing lists Coinbase Custody Trust Company as the custodian for the trust's tokens, while the Bank of New York Mellon will serve as transfer agent and administrator.

Market Rally and Price Performance

The filing coincides with a broader crypto market rally. ZEC surged 34% over a 24-hour period, marking the largest gain among the top 100 cryptocurrencies. The token crossed the $800 threshold for the first time since January 2018, touching an intraday high of $857 before easing to approximately $784.

This upward movement overcomes a key resistance level that had capped the token for over eight years. Despite the gains, ZEC remains below its October 2016 record high of $3,191. The recent momentum follows a recovery from a June setback, when a security vulnerability in a shielded pool prompted an emergency network upgrade.