Grayscale's Zcash ETF passes $1 billion as crypto ETFs move beyond bitcoin and ether

A privacy coin has become one of the fastest-growing new funds in the market. Grayscale's Zcash ETF, which trades under the ticker ZCSH, took in more than $1 billion in its first 30 trading days, Krista Lynch, the firm's head of trading and capital markets, told The Block in an interview published Wednesday at TOKEN2049 in Singapore.

Lynch said that result places the fund in the top 1% of ETFs launched over the past decade by assets gathered in the first month.

She described the crypto ETF market as entering a new phase. The SEC's generic listing standards now cover roughly 15 tokens, she said, which gives issuers more choice and makes them pickier about which assets can support a product.

Lynch also pointed to Grayscale's filing the prior week to tokenize two funds, a bitcoin covered-call fund and an ether covered-call fund, under the SEC's innovation exemption. She called that exemption a consolation prize after the Clarity Act failed to pass.

The Zcash fund's run comes as a firm tied to the Winklevoss twins has filed for a rival spot Zcash ETF, which Cryptoweek covered on October 6.