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

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...