Grayscale says Zcash ETF assets top $1 billion

Grayscale said its Zcash exchange-traded fund had passed $1 billion in assets, drawing attention to regulated investment exposure to privacy-related crypto assets. This is a product-demand milestone, not a measure of Zcash transactions or its usefulness as a payments network.

The development illustrates how an investment vehicle can channel demand toward a specific crypto asset without investors taking possession of coins. Assets under management can also move with market prices, so the headline figure should not be read as net new inflows.