The Zcash ETF (ZCSH) has surpassed $500m in AUM just two weeks after its Aug. 25 NYSE Arca debut, alongside the launch of options trading on the fund. ZCSH, sponsored by Grayscale, is currently the only exchange-traded product offering spot Zcash (ZEC) exposure. Growth includes more than $70m of cumulative inflows plus a roughly $100m investment from DCG International Investments, an affiliate of Grayscale’s parent, contributed through 85,705 ZEC. Despite its name, ZCSH is not a 1940 Act-registered ETF, meaning investors do not receive the same regulatory protections as traditional ETFs.