🚀🚀🚀 #Zcash ($ZEC ) Jumps More Than 20% After Digital Asset Manager #grayscale Proposes New ‘Privacy ETF’ to the #SEC
Grayscale, a leading digital asset management firm, has proposed a new privacy-focused exchange-traded fund (ETF) that includes the altcoin Zcash (ZEC).
If the proposal is approved, the Grayscale Privacy ETF will primarily invest in data privacy solution providers, cybersecurity firms, blockchain-based privacy solutions, and network security companies, as outlined in an N-1A form filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Although the fund won't directly invest in digital assets, it plans to allocate 10% of its portfolio to the Grayscale Zcash Trust (ZCSH), which is a regulated financial product solely focused on Zcash.
Following the news, Zcash, the privacy-focused digital currency, experienced a notable surge of over 20%, climbing from around $24.24 to a peak of $29.21. However, it has since retraced partially and is currently trading at $26.89.
To qualify for inclusion in the Grayscale Privacy ETF's portfolio, companies must be publicly listed on a stock exchange and have a market capitalization of at least $250 million.
In January, Grayscale was among the 11 firms approved by the SEC to launch a spot Bitcoin (BTC) ETF. The company converted its flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on NYSE Arca.
Source - dailyhodl.com
