grayscale filed to convert its zcash trust (ZCSH) into a spot ETF 48 hours after the CLARITY Act cleared senate banking committee 15-9. ZCSH currently trades at a 7% discount to NAV. grayscale has converted 10 crypto trusts to ETFs with a 100% success rate since jan 2024. the GBTC discount closed for 20-30% gains on conversion. ZEC market cap is $760m with 16.8m circulating supply. if ETF approval follows the same 6-12 month timeline and triggers even a fraction of the supply compression BTC saw (exchange supply dropped 12% in 90 days post-ETF), the float dynamics on a coin this small get violent. first privacy coin ETF globally. the trust discount is the cleanest entry if you have conviction on approval odds
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