Grayscale has filed an application to convert its existing Zcash trust into a spot ETF, marking the first attempt to list a privacy coin ETF in the U.S. The application, submitted on May 8, aims to offer investors direct exposure to Zcash, a cryptocurrency known for its privacy features. If approved, the ETF will likely utilize Zcash's transparent address pool for custody and auditing purposes. In related news, Multicoin Capital has revealed a strategic increase in its Zcash holdings since February. This accumulation coincides with a recent surge in Zcash's price to $600, elevating its market capitalization into the top 15 cryptocurrencies. The U.S. Securities and Exchange Commission concluded its review of Zcash earlier this year without any enforcement actions, potentially paving the way for regulatory acceptance of the proposed ETF.