Grayscale Investments has taken a major step towards bringing privacy-focused cryptocurrency Zcash into the regulated ETF market by filing an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC). This application seeks to convert its Grayscale Zcash Trust into a spot Zcash exchange-traded fund (ETF). The SEC filing outlines details about the proposed ETF’s structure and operations, focusing on tracking the price of Zcash based on the CoinDesk Zcash Price Index. It also emphasizes Grayscale’s support for a 19b-4 rule change that would facilitate listing on NYSE Arca upon SEC approval. The S-3 form simplifies the conversion process due to its pre-existing success with similar conversions in Bitcoin and Ethereum trusts.