Grayscale
@Grayscale
Grayscale, the world’s largest digital asset-focused investment platform // Terms:
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Hyperliquid.
Hyperliquid Policy Center works to establish a lawful and regulated path for Americans to access onchain perpetual futures.
In conversation with Grayscale, @jchervinsky, CEO of @HyperliquidPC, explained that onchain markets go beyond benefitting individual traders. They can offer more efficient and more resilient market infrastructure than their legacy counterparts, and the right regulations can bring those benefits to the United States.
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The debasement trade: $BTC, $ETH, $ZEC.
Scarce digital assets to help position against inflation and sovereign debt growth.
US public debt has reached over $40 trillion. The Treasury is buying back bonds to ease rising borrowing costs, but core deficit remains.
Grayscale Research believes this may drive investors towards the debasement trade: Bitcoin $BTC, Ethereum $ETH, and Zcash $ZEC.
Read more on The Stack here:
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Grayscale CEO @PeterMintzberg in Fortune: As “Crypto Winter” is thawing, institutions are paying attention to digital assets.
Read the full piece below:
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Even as the “crypto winter” is thawing, the narrative continues to miss the point.
In @FortuneMagazine today, I make the case that what really matters is happening beneath the market’s surface:
--> Unlike 2014, 2018 and 2022, this cycle has institutional-backing, and the drawdown was materially shallower because of it.¹
--> 73% of institutional investors plan to increase their digital assets allocations in 2026.²
--> 60% of Fortune 500 executives report active blockchain initiatives.³
Short-term price volatility and institutional adoption are two different stories.
Only one tells you where we're heading.
Read the full piece:
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Grayscale Research believes Zcash $ZEC has a real shot at capturing Bitcoin $BTC market share.
@Zcash has second mover advantages Bitcoin doesn't:
↳ Financial privacy in an era of AI-powered surveillance
↳ Cross-chain reach through $NEAR Intents
↳ Active development against cybersecurity threats
$BTC and $ZEC are complements.
Read more on The Stack:
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"The market values financial privacy at less than 1%. At 5% of Bitcoin's market cap, that's a $4,000–4,500 Zcash."
@grayscale's Head of Research @LowBeta says at $800–900 the market is still underpricing privacy.
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Zcash Genesis. October 2016.
Zcash is the first blockchain to deploy zero-knowledge proofs at scale. At launch, a single $ZEC was bid up to 3,299 BTC, roughly $2.3M at the time.
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We're watching Zcash's $ZEC original thesis, articulated at inception, translate into adoption with a clear product-market fit.
Our CLO @CraigSalm has long been the backbone of Grayscale's work identifying assets like Zcash and building the investment vehicles that bring them to market.
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1/ When I joined @Grayscale in 2018, our $ZEC trust was 1 of just 4 products we offered, launched shortly after the #Zcash# protocol itself. Back then it was called the Zcash Investment Trust. Yesterday, it became the world's first Zcash ETP. Here’s part of the story. $ZCSH
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Cash is private money
Bitcoin is digital money
Zcash is both
$ZEC
Creating an ETP is easy. The hard part is knowing which ones are worth making.
Our research team spends time with protocol developers and ecosystem leaders—and we’re often the only asset manager in the room.
We look at how a network is being used, who is building on it, and what is the runway for growth.
It’s that deep digital assets expertise that has positioned us to offer exposure to the tokens behind networks like Zcash ($ZEC) before anyone else.
Today’s launch of The Zcash ETF ($ZCSH), built by Grayscale, represents another step in bringing innovative digital assets into the structures that investors trust.
The latest milestone in our history of firsts.
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The world’s first Zcash fund, The Zcash ETF - Built by @Grayscale (Ticker: $ZCSH) begins trading today.
Zcash launched in 2016, built on the cypherpunk ideals that inspired Bitcoin and the earliest cryptocurrency believers: privacy, decentralization, and freedom. The first investment vehicle offering exposure to $ZEC followed in 2017. This original vehicle has now evolved into $ZCSH, the world's first and only Zcash exchange-traded product, giving investors exposure to $ZEC directly from brokerage or investment accounts.
We're excited to build alongside the Zcash community.
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The Zcash ETF - Built by Grayscale (Ticker: $ZCSH) begins trading today @ZcashETF.
The world’s first Zcash ETF offering exposure to $ZEC, now accessible from brokerage or investment accounts.
Why $ZEC?
⟶ Zcash shares key features with Bitcoin: a 21 million coin supply cap, a halving schedule that reduces new supply over time, and proof-of-work consensus.
⟶ Zcash speaks to the growing demand for financial privacy in the age of AI. Shielded supply stands at 4.4 million ZEC or roughly 26% of circulating supply¹.
⟶ Zcash's upgrade history has made shielded transactions more accessible and efficient while adding resilience against future quantum-related risks.
Learn more:
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This week may be a turning point for Bitcoin $BTC.
Historically, Bitcoin has bottomed ~80% below its cycle peak price. In the latest bear market Bitcoin fell ~50% from its peak, less than all prior cycles to this point.
Markets were debating whether Bitcoin would see another leg down in Q4 2026. While there are still risks, the rally this week may indicate we’ve reached a more durable bottom.
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Crypto policy had a landmark week in Washington.
This week alone: @SECGov proposed Reg Crypto, @POTUS hosted a crypto summit, and the @CFTC held its Innovation Advisory Committee meeting on digital assets.
Grayscale CEO @PeterMintzberg and CLO @CraigSalm were in the room with other industry leaders, reaffirming Grayscale's commitment to the future of digital assets.
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Great to be in DC today for @ChairmanSelig's inaugural meeting of the @CFTC Innovation Advisory Committee — the first of what I expect will be many conversations to advise the Commission on responsible financial innovation
Everyone benefits from clearer rules of the road, and dialogues like these are what will get us there
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Crypto knows about Hyperliquid.
Wall St knows about Hyperliquid.
The President of the United States knows about Hyperliquid.
Hyperliquid.
The SEC just proposed new crypto regulation.
Since the ICO boom of 2017, token-based fundraising in the US has lacked regulations. "Reg Crypto" would change that. Grayscale Research believes this could bring more token offerings onchain, driving value to networks like @ethereum $ETH, @solana $SOL, and @BNBCHAIN $BNB.
Read more on The Stack:
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Hyperliquid’s new website is live.
We’re thrilled to be featured alongside an incredible group of companies shaping the future of digital assets.
Ethereum $ETH and Solana $SOL could be getting scarcer.
New proposals on both networks aim to burn more tokens and cut inflation, reducing future supply. If they pass, annual inflation for ETH and SOL could fall below gold (1.8%) and U.S. CPI (3.3%) by 2031.
More on protocol tokenomics on The Stack:
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