Zcash (ZEC) climbed to an 8-year high on Saturday, after Grayscale filed a fifth amended registration with the SEC.

The amendment advances Grayscale’s proposed Zcash ETF but does not amount to SEC approval. If approved, the fund would be the first US ETF to directly track Zcash.

Grayscale Fills the Blanks on Fee and Name

Tuesday’s fourth amendment left both the sponsor’s fee and the name blank. Friday’s amendment sets that figure at an annual rate 2.5% of the NAV Fee Basis Amount of the Trust, accruing daily.

Furthermore, Grayscale will rename the trust The Zcash ETF. Shares would list on NYSE Arca under ZCSH.

“While an investment in the Shares is not a direct investment in ZEC, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ZEC,” the amendment reads.

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Grayscale pledged to direct 100% of the fee toward marketing and development for up to 12 months. This commitment is voluntary.

Coinbase Custody Trust Company would hold the trust’s tokens. Bank of New York Mellon serves as transfer agent and administrator. 

Zcash Becomes Top Crypto Gainer

The filing arrives as the broader crypto market rallies. ZEC is up 34% over the past 24 hours, the largest gain among the 100 largest cryptocurrencies.

Today, the token crossed $800 for the first time since January 2018. It touched an intraday high of $857 before easing to about $784.

That 2018 peak near $800 had capped Zcash for more than eight years. ZEC still trades well below its October 2016 record of $3,191.

The rally comes after a June setback, when a security researcher disclosed a flaw in one of the network’s shielded pools. ZEC lost roughly half its value before an emergency upgrade fixed it.

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Source: BeInCrypto