The Zcash ETF Nobody Asked For: Why Critics Fear a Wall Street Takeover

Grayscale’s decision to convert its Zcash Trust into an ETF has ignited one of the most polarizing debates in the privacy-coin ecosystem.

For Zcash advocates and decentralization purists, the move represents something far more consequential than a new investment product. To them, it signals a potential takeover of a privacy-focused cryptocurrency by the very institutions it was designed to avoid.

The filing, submitted on November 26, 2025, seeks to transform a trust holding over 394,000 ZEC, valued at roughly $197 million, into a fully regulated exchange-traded fund (ETF).

$ZEC is Encrypted Electronic Cash