Grayscale Files First Spot Privacy-Coin ETF as ZEC Hits $600, Multicoin Discloses Accumulation Since February

According to Grayscale, on May 8, the firm filed for the first spot privacy-coin ETF seeking U.S. listing, converting its existing Zcash Trust into a spot product. Zcash (ZEC) traded as high as $600 intra-week, placing it inside the top 15 by market cap.

Multicoin Capital simultaneously disclosed it has been accumulating ZEC since February. Co-founder Tushar Jain framed the position around proposed U.S. wealth-tax legislation, arguing that as governments expand visibility into private financial holdings, demand for privacy-shielded assets grows. CoinGecko data confirms ZEC's market cap moved past Cardano during the rally.