The World's First Privacy Coin ETF Just Launched — and It Can't Touch the Privacy Part

ZCSH gives you price exposure to ZEC, not privacy — your position is just as transparent as holding spot on a centralized exchange.

Chloe Brennan · September 01, 2026

On August 25, Grayscale's The Zcash ETF (ticker ZCSH) began trading on NYSE Arca, becoming the world's first exchange-traded product to offer direct spot exposure to ZEC. On the surface this reads like routine news — another crypto ETF launch. But pull apart the structure and a genuine mismatch emerges: every ZEC the fund holds sits in a fully transparent Coinbase custody wallet, the kind anyone can inspect on a Block Explorer — while Zcash's entire reputation as a privacy coin rests on...

exchanges

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encyclopedia

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encyclopedia

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Glossary

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Block

A block is the basic unit of a blockchain — think of it as one page in the ledger. Each block packages a batch of transaction records, plus a timestamp and a fingerprint pointing to the previous block (the previous block's hash). Blocks link in order, head-to-tail by hash, forming the blockchain — which is where the name comes from.

A block is the most basic building unit of a blockchain — you can picture it as one page in a public ledger. Each block mainly holds three things:...

新手

Consensus Mechanism

The set of rules by which all nodes in a blockchain agree, without any central administrator, on what the next <a href="/en/glossary/blockchain-fundamentals/block/">Block</a> looks like and which transactions are valid. It's the core that lets a decentralized network operate securely and resist fraud; the two most common are <a href="/en/glossary/blockchain-fundamentals/proof-of-work/">Proof of Work</a> (PoW) and <a href="/en/glossary/blockchain-fundamentals/proof-of-stake/">Proof of Stake (PoS)</a>.

A <a href="/en/glossary/blockchain-fundamentals/consensus-mechanism/">Consensus Mechanism</a> is the set of rules a blockchain uses to get a group...

Intermediate

EIP (Ethereum Improvement Proposal)

**Are EIP and ERC the same thing? What exactly are ERC-20 and ERC-721?** EIP is the broad category; ERC is a sub-category of EIP specifically for...

Intermediate

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He Impersonated Coinbase Support and Stole $16 Million With One Sentence: "Your Account Has Been Compromised"

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