Zcash Surges Past $800 for First Time Since 2018 as Grayscale Advances Spot ETF Conversion

• Zcash (ZEC) surged as much as 48% to trade above $800 for the first time since January 2018, hitting a high of $851.
• Grayscale filed its fourth amendment on Aug. 18 to convert its Zcash Trust into a spot ETF on NYSE Arca under ticker ZCSH.
• A DCG subsidiary is in non-binding talks to contribute approximately 200,000 ZEC, valued at around $163 million.
• Futures volume hit roughly $4.55 billion on Friday, with open interest near $1.35 billion.
• Zcash market cap reached $13.87 billion, ranking 12th overall and leading privacy tokens.

Zcash (ZEC) jumped nearly 48% over the past day to trade above $800 for the first time since its January 2018 peak, according to CoinDesk data, as progress on a potential spot exchange-traded fund and institutional interest fueled a sharp rally in the privacy-focused cryptocurrency.

The token traded as low as $589 and as high as $851 in a 24-hour period, a swing of about 45%, before settling near $800 levels. Its market capitalization climbed to $13.87 billion, placing it 12th among digital assets and ahead of other privacy coins.

Driving the move was Grayscale’s continued push to convert its existing Zcash Trust into a spot ETF. The firm, owned by Digital Currency Group (DCG), filed its fourth amendment to the registration statement on Aug. 18 with the U.S. Securities and Exchange Commission, seeking to list shares on NYSE Arca under the ticker ZCSH. The filing keeps the process advancing but remains subject to SEC review and does not guarantee approval.

The same filing disclosed that DCG International Investments, another DCG subsidiary, is in non-binding discussions to acquire roughly 200,000 ZEC through the trust, a position worth approximately $163 million at recent prices. As The Block previously reported, the potential contribution would exchange the tokens for shares in the trust if completed.

Derivatives activity amplified the price action. Zcash futures volume reached about $4.55 billion on Friday compared with roughly $553 million in spot trading, while open interest stood near $1.35 billion. Past-24-hour volume totaled $2.24 billion, equivalent to about 16% of the token’s market value, per CoinDesk Data.

Zcash, which shares Bitcoin’s 21 million supply cap, proof-of-work consensus and halving schedule while adding shielded transactions for privacy, has drawn “next bitcoin” comparisons on social media. The asset had previously reached $750 in November before a sell-off tied to a vulnerability in its Orchard shielded pool earlier this year; a subsequent upgrade addressed related issues.

While the ETF conversion remains pending regulatory approval and the DCG talks are non-binding, the developments have reignited institutional interest in privacy-oriented assets amid broader market gains, including a concurrent Bitcoin rally linked to U.S. Treasury bond buyback adjustments.