Grayscale converted its roughly $304 million Zcash Trust into an exchange-traded fund under the ticker ZCSH on NYSE Arca, with Coinbase Custody holding the underlying coins. It is the first US-listed spot ETF offering direct exposure to a privacy coin, which is the detail that matters, since privacy assets have been the category regulators were expected to treat least favorably. The listing gives brokerage-account investors a regulated route to ZEC without touching the token, and it has anchored the rally that followed.