Grayscale Zcash Trust Records Strong Gains Amid Renewed Interest in Privacy Coins
Quick Breakdown
- Grayscale Zcash Trust (ZCSH) gives investors exposure to Zcash (ZEC) without direct custody.
- Market price rises to $28.48 as privacy-focused assets gain traction.
- Trust holds $136 million in assets under management with a 2.5% expense ratio.
Grayscale Investments’ Zcash Trust (ZCSH) has recorded a sharp surge in both market price and net asset value (NAV), signalling renewed investor interest in privacy-focused cryptocurrencies. As of October 28, 2025, the Trust’s market price rose to $28.48, while the NAV per share climbed to $28.19, representing daily gains of 27.71% and 33.10%, respectively.
Privacy matters 🔐 @Zcash $ZEC helps make private, on-chain transactions possible.
Grayscale Zcash Trust (Ticker: $ZCSH ) is the only U.S publicly listed fund providing exposure solely to @Zcash $ZEC through certain brokerage accounts.
See important disclosures and learn more… pic.twitter.com/ast6rea91z
— Grayscale (@Grayscale) October 27, 2025
The Trust, which offers institutional and retail investors indirect exposure to Zcash (ZEC) without the technical barriers of direct crypto custody, manages over $136 million in assets. Despite fluctuations in past years, recent performance data reflects a significant turnaround in sentiment toward privacy coins amid tightening global surveillance on digital asset transactions.
Zcash’s role in the privacy crypto market
Zcash remains one of the few cryptocurrencies offering advanced privacy features through zero-knowledge proofs, allowing transactions to be verified without disclosing sensitive details. Its relevance has grown as global regulators intensify scrutiny on blockchain transparency. Grayscale’s structured investment vehicle provides investors a regulated entry point into this niche segment of the crypto market.
The CoinDesk Zcash Price Index (ZCX) serves as the reference rate for the Trust, aggregating spot prices from multiple exchanges to maintain a representative value. Shares of the Trust are traded on the OTC Markets Group under the ticker ZCSH, offering liquidity through traditional brokerage accounts.
Long-term outlook and market challenges
While recent gains highlight growing optimism, Grayscale acknowledges that ZCSH shares have historically traded at premiums or discounts to NAV, a common pattern among crypto-based trusts. The product carries an annual expense ratio of 2.5% and currently operates without a redemption program, meaning investors must rely on secondary market trading for liquidity.
Notably, Grayscale Investments launched the Grayscale Dogecoin Trust on January 31. This new trust allows accredited investors to gain direct exposure to Dogecoin, which is known for its speed and affordability. It operates similarly to Grayscale’s other single-asset products and is backed exclusively by DOGE, indicating increasing institutional interest in the cryptocurrency.
