This Altcoin ETF Surpassed $1 Billion in 30 Trading Days, Ranking Among the Best Launches in a Decade!
Grayscale executive Krista Lynch said the Zcash ETF gathered more than $1 billion in assets during its first 30 trading days, placing it among the top 1% of ETF launches over the past 10 years by assets gathered in the first month.
Lynch, Grayscale’s head of trading and capital markets, told The Block at the TOKEN2049 event in Singapore that the crypto ETF market is expanding beyond Bitcoin and Ethereum. One notable example of this shift is the Zcash fund, which trades under the ticker ZCSH.
Zcash fund surpassed $1 billion in its early days
According to Lynch, ZCSH gathered more than $1 billion in assets during its first 30 trading days. She said that, based on the amount of assets it gathered in its first month as an ETF, the fund ranks among the top 1% of ETFs launched over the past decade.
This comparison measures success by the size of the assets gathered during the fund’s early period, not by its price return. The Zcash example shows that issuers are looking to select products by assessing investor demand for crypto assets beyond Bitcoin and Ethereum.
A listing framework covering about 15 tokens
According to Lynch, the U.S. Securities and Exchange Commission’s (SEC) general listing standards create a framework covering about 15 tokens. This structure gives fund issuers more flexibility when choosing which assets to develop products for.
In January, Grayscale announced that it was evaluating 27 assets across the artificial intelligence, decentralized finance, consumer applications, and infrastructure categories. The evaluation list illustrates the scope of the company’s search for new products.
Tokenizing funds is next
Grayscale is also taking steps beyond the traditional ETF structure. Last week, the company filed to tokenize two funds based on Bitcoin and Ethereum that aim to generate income by selling call options.
Lynch said the SEC’s innovation exemption offers a path to advance in this area. As a result, alongside new crypto ETFs, the company is continuing its efforts to represent existing fund products on the blockchain.