Grayscale has submitted a fifth amendment to the registration statement for its proposed Zcash ETF, adding clearer terms that move the conversion of the Grayscale Zcash Trust another step forward. The Friday filing names ZCH as the planned ticker, sets a 2.5% annual sponsor fee, renames the existing product The Zcash ETF, and confirms plans to list the shares on NYSE Arca, according to the amended registration filing.

The amendment does not represent approval by the U.S. Securities and Exchange Commission, nor does it confirm a launch date. It instead gives investors clearer terms for the converted trust, and regulators must still allow the shares to begin trading.

ZEC jumped about 29% around the disclosure, trading near $740 on Saturday.

Fee, ticker and operating roles fixed

The amended registration assigns the proposed fund's operating roles. Bank of New York Mellon would serve as transfer agent, while Coinbase Custody Trust Company would safeguard the ZEC held for shareholders.

Grayscale also plans to issue an indeterminate number of shares continuously. Sale prices would reference ZEC and the shares' trading price on NYSE Arca. This structure allows the share count to expand whenever demand requires new creation baskets.

A listed ETF could address a recurring weakness of the over-the-counter trust, whose shares can trade above or below their underlying asset value when arbitrage options stay limited. ETF creation and redemption processes help market makers narrow those gaps, although close tracking is never guaranteed.

Investors would gain ZEC price exposure through ordinary brokerage accounts without managing wallets or private keys. They would own fund shares rather than ZEC itself, meaning shareholders could not use the coins for transparent or shielded transfers on the Zcash network.

The 2.5% sponsor fee would weigh on returns relative to holding ZEC directly. Grayscale would deduct the charge from fund assets, gradually reducing each share's cryptocurrency entitlement.

An established asset base

The Grayscale Zcash Trust began operating in 2017 and held more than $260 million when the fifth amendment appeared. That asset base would give the proposed ETF a portfolio before any conversion occurs, distinguishing the application from a newly seeded product with no operating record.

Grayscale has previously converted cryptocurrency trusts into listed funds, although each product requires its own registration review and exchange approval process.

DCG contribution remains nonbinding

The fourth amendment disclosed talks involving DCG International Investments, a subsidiary of Grayscale's parent company. The affiliate may contribute roughly 200,000 ZEC through an authorized participant in exchange for fund shares.

Those discussions remain nonbinding: DCG International could provide more ZEC, contribute less, or abandon the transaction. The filing does not treat the amount as committed launch capital, and a changing token price also alters the dollar value attached to any eventual contribution.

Regulatory considerations

Regulatory attention extends beyond the fund's operating mechanics. Zcash supports both transparent addresses and shielded transactions, which can conceal transaction details. The proposed shares would track the asset's market value without giving shareholders those payment functions.

If approved, the fund would become the first U.S. exchange-traded fund directly tied to a privacy-focused cryptocurrency, a status that could test whether regulated securities wrappers can broaden access to assets carrying distinct compliance questions.

The SEC must still allow the registration statement to become effective, and NYSE Arca must also have authority to list and trade the shares. A fifth amendment can reflect progress in disclosure work, but the amendment count does not guarantee approval.

Bloomberg Intelligence analyst James Seyffart said Grayscale appeared to be moving closer to conversion. He did not provide an approval date in the post.

NEW: @Grayscale just filed amendment #5 for their Zcash Trust.. Looks like they're getting closer and closer to converting this thing into an ETF. $ZCSH zcash:native pic.twitter.com/QeGPHfP9EI

— James Seyffart (@JSeyff) August 21, 2026

Grayscale already offers listed products tied to Bitcoin, Ethereum, Dogecoin and XRP. Adding a Zcash ETF would extend that lineup beyond larger payment and smart-contract assets. The revised filing leaves both the SEC timetable and the proposed 200,000 ZEC contribution unresolved.