Zcash (ZEC) ETF Hopes Rise: Is $1,000 Now in Play?

Zcash shocked the cryptocurrency market in the last 3 months. It delivered one of the most powerful rallies of the year despite previously being written off by a large portion of the cryptocurrency community as a dead-end project. 

Notably, the Zcash rally played a significant role in putting privacy tech at the forefront of the conversation in the crypto community. This led to increased interest in other privacy coins (Monero, Dash) and protocols like Railgun. 

ZEC Skyrocketed 10x

ZEC, which started October at a price of roughly $73, rallied all the way up to $736 by November 7, a return of over 10x in just over 2 months. During this surge, ZEC rocketed up the crypto market cap rankings, and currently sits in 15th place.

After hitting the $736 peak, the Zcash price made two attempts to set new highs, but came up short both times. The first attempt practically matched the $736 peak, while the second fizzled out at roughly $712, setting the stage for a deeper correction to the $500 level, which is currently the focal point of the ZEC market.

The price increase has also spurred increased on-chain activity, as analysts at OurNetwork noted that Zcash has recently posted its most active week of 2025, boasting a 197% week-over-week jump in transfer transactions.

Why Zcash could rally to $1,000 and beyond

We’ve recently seen multiple developments that suggest the Zcash rally could still continue further, breaking past the resistance just above $700. 

The algorithmic Zcash price prediction on CoinCodex is supporting this scenario, forecasting that Zcash will reach the $1,000 price level in Q2 of 2026. 

Here are some of the key factors that could help ZEC actually reach that predicted milestone.

Grayscale files to convert its ZCSH trust into an ETF 

Crypto asset manager Grayscale has filed an S-3 registration statement with U.S. securities regulator SEC with the aim of converting its Grayscale Zcash Trust product into a spot ETF. The Grayscale Zcash Trust, which currently trades on the OTC market, has been available since 2017. 

In its filing, Grayscale highlighted the differences between Zcash and Bitcoin:

“The fundamental difference between Bitcoin and Zcash is that Zcash offers selective privacy-preserving features. Zcash accomplishes this privacy preservation by using novel cryptographic protocols called Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (“zk-SNARKs”) to protect both the amount and the sender and recipient of the transaction.”

Given the current wave of altcoin ETF approvals (ETFs for XRP, SOL, HBAR and DOGE are now available), it wouldn’t be too surprising to see a Zcash ETF be approved for trading in the US market. Still, it’s worth keeping in mind that Zcash’s focus on privacy could make it more difficult to convince regulators to approve investment products tied to it. Currently, there isn’t a single ETF on the US market that focuses on a privacy coin.

Cypherpunk Technologies (CYPH) plans to acquire 5% of the ZEC supply

Another potential source of bullish momentum for Zcash is Cypherpunk Technologies, a Zcash-focused DAT (digital asset treasury) company backed by the Winklevoss Twins. 

Cypherpunk, which trades under the ticker CYPH, now holds 233,644 ZEC and plans to acquire 5% of the supply. Given that they currently own about 1.4% of the supply, Cypherpunk could provide a persistent source of buying pressure as they scale their treasury towards the 5% target.

The firm has so far spent roughly $68 million to grow its Zcash treasury, and its average cost basis is around $291 per ZEC.

It’s easier than ever to trade and invest in Zcash

The Zashi wallet is integrated with NEAR Intents, allowing users to easily swap crypto assets from a variety of different blockchains for ZEC. The wallet also provides easy access to Zcash’s privacy features as it simplifies the shielding experience. 

The shielded ZEC supply has reached nearly 5 million coins (it was under 2 million at the beginning of 2025). As more ZEC becomes shielded, the anonymity set grows, strengthening Zcash’s overall privacy. 

The leading decentralized trading platform Hyperliquid has listed ZEC perpetual futures, enabling users on the widely used DEX to take leveraged positions in the privacy-focused asset. This listing points to strong community interest in gaining exposure to a coin that the market had largely overlooked for years.

Zcash can also be easily traded on the high-performance Solana blockchain, thanks to solutions such as Zenrock’s wrapped Zcash token (zenZEC).

The bottom line

Zcash’s 10x rally has thrust privacy tech back into the spotlight and sparked a surge in on-chain activity, but multiple catalysts suggest the move may not be over. 

With Grayscale seeking to convert its ZEC trust into an ETF, Cypherpunk Technologies buying toward a 5% supply target, rading access constantly improving through tools like the Zashi wallet, Hyperliquid futures, and an ever-growing list of integrations, the foundations for another leg up remain firmly in place. If momentum continues and regulatory hurdles don’t stall progress, it’s possible that $1,000 ZEC might be a conservative target.