Zcash (ZEC) Jumps More Than 20% After Digital Asset Manager Grayscale Proposes New ‘Privacy ETF’ to the SEC

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Digital asset administration big Grayscale has submitted a proposal for a brand new privacy-focused exchange-traded fund (ETF) that includes the altcoin Zcash (ZEC).

If permitted, the Grayscale Privateness ETF’s funding portfolio will consist primarily of investments in knowledge privateness resolution suppliers, cybersecurity companies, blockchain-based privateness options and community safety firms, based on an N-1A type filed with the U.S. Securities and Trade Fee (SEC) on Tuesday.

Although the fund is not going to put money into digital property immediately, it is going to dedicate 10% of its portfolio to the Grayscale Zcash Belief (ZCSH), a regulated monetary product solely and passively invested in Zcash.

The privacy-focused digital foreign money jumped greater than 20% on the information, surging from buying and selling round $24.24 to a excessive of $29.21. ZEC has since partially retraced and is buying and selling at $26.89 at time of writing.

To be able to be eligible for inclusion within the Grayscale Privateness ETF’s funding portfolio, firms have to be publicly listed on a inventory trade and have a $250 million market capitalization.

Grayscale was one in every of 11 companies that acquired approval from the SEC in January to launch a spot Bitcoin (BTC) ETF. The asset administration big transformed its flagship product, the Grayscale Bitcoin Belief (GBTC), into an exchange-traded fund listed on the trade NYSE Arca.

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