Zcash (ZEC) Jumps More Than 20% After Digital Asset Manager Grayscale Proposes New ‘Privacy ETF’ to the SEC

Digital asset administration big Grayscale has submitted a proposal for a brand new privacy-focused exchange-traded fund (ETF) that includes the altcoin Zcash (ZEC).

If authorized, the Grayscale Privateness ETF’s funding portfolio will consist primarily of investments in information privateness answer suppliers, cybersecurity corporations, blockchain-based privateness options and community safety firms, in response to an N-1A form filed with the U.S. Securities and Trade Fee (SEC) on Tuesday.

Although the fund won’t put money into digital belongings immediately, it would commit 10% of its portfolio to the Grayscale Zcash Trust (ZCSH), a regulated monetary product solely and passively invested in Zcash.

The privacy-focused digital foreign money jumped greater than 20% on the information, surging from buying and selling round $24.24 to a excessive of $29.21. ZEC has since partially retraced and is buying and selling at $26.89 at time of writing.

With the intention to be eligible for inclusion within the Grayscale Privateness ETF’s funding portfolio, firms have to be publicly listed on a inventory trade and have a $250 million market capitalization.

Grayscale was one in every of 11 corporations that obtained approval from the SEC in January to launch a spot Bitcoin (BTC) ETF. The asset administration big converted its flagship product, the Grayscale Bitcoin Belief (GBTC), into an exchange-traded fund listed on the trade NYSE Arca.

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