Grayscale Applies for Spot ETF for Recent Popular Altcoin! “A First for the US!”

Grayscale, the world’s largest digital asset management company, has filed an official spot ETF application for an altcoin.

Grayscale has applied to the U.S. Securities and Exchange Commission (SEC) to convert its existing Zcash Trust into a spot ETF.

Grayscale’s move marks the first attempt to list a privacy-focused cryptocurrency ETF in the United States.

If Grayscale’s Zcash (ZEC) application is approved, it will become the world’s first spot ETF tied to a privacy coin.

ZEC’s filing comes after reports that the US SEC has ended its long-running investigation into privacy coins without imposing sanctions. Market analysts have interpreted this development as a sign that regulatory risks for the sector have decreased.

ZEC continues to be quite popular these days. A few days ago, Tushar Jain, co-founder of Multicoin Capital, also announced that his crypto hedge fund has accumulated a significant amount of ZEC since February. He added that he sees his ZEC holdings as macro protection.

ZEC, which has seen a 32% increase in the last week, is still trading at $555 at the time of writing.

*This is not investment advice.

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