DCG Move in Grayscale’s Zcash ETF Filing: Negotiations for $110 Million ZEC Purchase

Grayscale’s fourth amendment for its Zcash ETF conversion reveals negotiations for a DCG affiliate to purchase approximately 200,000 ZEC, while ZEC has risen nearly 10% in the last 24 hours.

Grayscale submitted its fourth amendment filing to the U.S. Securities and Exchange Commission (SEC) with the goal of converting its Zcash Trust into an ETF. The company plans to rename the existing trust and list its shares on NYSE Arca under the ticker ZCSH.

The filing stated that DCG International Investments Ltd., an entity affiliated with Grayscale’s parent company Digital Currency Group, is in negotiations to purchase approximately 200,000 ZEC through the trust. Valued at approximately $110 million at current prices, these purchase talks have not yet resulted in a binding agreement. Therefore, the potential investor may decide to buy more, less, or no shares at all.

DCG’s $110 million ZEC negotiations

Following the development, ZEC rose approximately 10% in the last 24 hours to trade around $555. The token’s total market capitalization reached approximately $9.4 billion. However, ZCSH trading volumes showed that interest in spot Zcash ETF products remains limited. Volumes that climbed above $23 million in November 2025 have not exceeded $5 million since June.

Grayscale’s filing also addressed the Orchard vulnerability that emerged in June and the subsequent Ironwood upgrade. As part of the update, the shielded pool where transactions affected by the vulnerability were hidden was decommissioned, and security measures against the production of counterfeit ZEC were implemented.