Grayscale Pledges $1M to Zcash ETF Campaign; ZCSH Holds $675.7M

The pledge is the noteworthy signal here: a major issuer putting money behind a Zcash-focused ETF campaign suggests it sees enough demand to justify advocacy, not just a product filing. The $675.7M already sitting in ZCSH gives that campaign a credibility anchor most single-asset crypto ETFs lack. The 2.5% sponsor fee is steep relative to broad-market crypto products, so whether holders tolerate it long-term is the open question. Watch whether the pledge draws other issuers into Zcash, and whether the fee holds as competition enters.