Zcash Gains U.S. Exposure Through Treasury, ETF and Platforms
Cypherpunk holds 323,394.38 ZEC, while Grayscale’s ZCSH ETF began trading on NYSE Arca Aug. 24 with Coinbase serving as prime broker and custodian.
Zcash (ZEC) has documented U.S. market exposure through a corporate treasury, an exchange-traded fund and crypto platforms serving American users.
The clearest documented corporate exposure is Cypherpunk Technologies’ ZEC treasury. The company held 323,394.38 ZEC as of Aug. 11, equal to about 1.92% of Zcash’s circulating supply, at an average purchase price of $341.83 per token.
Cypherpunk’s holdings were valued at $129.387 million on June 30. The company recorded $39.4 million in net income, or 18 cents per diluted share, for the quarter. Its results included a $46.0 million unrealized gain as ZEC rose from $243.35 to $400.09 during the period.
“In the second quarter, Cypherpunk built upon the momentum established earlier this year through the disciplined execution of our Zcash digital asset treasury strategy, increasing our treasury holdings to 323,394.38 ZEC,” President and CEO Douglas E. Onsi said.
Cypherpunk began accumulating digital assets focused on Zcash after an October 2025 private placement led by Winklevoss Capital. The financing generated $58.888 million in gross proceeds.
A second route into U.S. markets is Grayscale’s Zcash ETF, which trades under the ticker ZCSH and listed on NYSE Arca on Aug. 24. The trust holds ZEC and is designed to track the value of ZEC per share, less expenses and other liabilities.
ZCSH charges a 2.50% annual sponsor fee, accrued daily and paid in ZEC. The fee uses the trust’s net asset value at 4 p.m. ET (20:00 UTC) each day. Coinbase Inc. serves as the fund’s prime broker, and Coinbase Custody Trust Company LLC serves as custodian.
Robinhood lists Zcash among the crypto assets available on its platform. The listing establishes access to ZEC but does not specify when U.S. spot trading began.
Gemini announced a Zcash edition of its credit card on Jan. 27, 2026. Rewards held for at least one year appreciated 912.2%, based on rewards earned from Oct. 8, 2021, through Jan. 18, 2026. The platform also supports Zcash Orchard withdrawals and unified addresses under stated product and jurisdictional conditions.
These arrangements provide different forms of exposure. Cypherpunk holds ZEC directly, ZCSH tracks the asset through a regulated investment vehicle, Robinhood lists the token for platform users, and Gemini supports Zcash-related card and wallet functions. ETF or brokerage exposure does not provide the same functionality as using Zcash’s shielded transactions.
