grayscale

The head of research at digital asset management company Grayscale, Zach Pandl, stated in an analysis that even if Congress fails to pass the CLARITY Act this year, U.S. crypto regulation can still advance in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures.U.S. President Donald Trump signed the GENIUS Act on July 18, 2025, establishing a regulatory framework for the issuance of payment stablecoins. The act requires issuers to provide sufficient reserves and publicly disclose the composition of reserves monthly, prohibiting misleading claims that tokens are federally insured, backed by the U.S. government, or considered legal tender. The U.S. Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, which aims to allow eligible projects to raise no more than $5 million over four years, or no more than $75 million every 12 months. Relevant exemptions and investment contract safe harbors are still in the proposal stage, with the public comment submission deadline set for October 20.The recent procedural milestone for the CLARITY Act was the termination debate vote on the motion to advance held on September 15, which requires 60 votes to pass and is not the final vote. Grayscale stated that the act would still help clarify the division of regulatory authority between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass would not halt the regulatory measures already in progress.

The U.S. SEC is reviewing Grayscale's application to rename the Grayscale Litecoin Trust to "Grayscale Litecoin Trust ETF," which is planned to be listed on NYSE Arca under the stock ticker LTCN.

According to Onchain Lens monitoring, the Grayscale GLNK ETF address (0xe33...0aA) received 203,810 LINK from Coinbase Prime a few minutes ago, worth 2.38 million dollars; over the past 18 days, this ETF has accumulated 1,050,000 LINK, worth 12.12 million dollars.

Zach Pandl, the research director at Grayscale, pointed out that Zcash, as a Bitcoin-like digital currency with privacy features, currently has lucrative mining profits. Although Bitcoin network miners earn about $35 million daily, far exceeding Zcash's approximately $2 million, the daily revenue per mining machine for Zcash is about twice that of Bitcoin, with revenue per megawatt-hour approximately four times that of Bitcoin, even surpassing some AI/high-performance computing cloud services.Driven by the strong performance of token prices, Zcash's overall mining activity has increased more than 2.5 times this year, forming a virtuous cycle of "price increase --- mining increase --- network security enhancement --- supporting price." Pandl believes that at the current valuation, Zcash mining remains attractive and continues to strengthen its network security.

Grayscale's research director Zach Pandl stated that the U.S. CLARITY Act, aimed at establishing comprehensive rules for the cryptocurrency market, will face a procedural vote in the Senate on September 15, requiring 60 votes in support. With the Republican Party currently holding 53 seats, the advancement of this bill still requires Democratic support, and market predictions indicate a low probability of its passage by 2026.However, Grayscale believes that even if the CLARITY Act fails to pass within the year, progress in U.S. cryptocurrency regulation will not stagnate. Regulatory frameworks in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures have gradually become clearer. Among them, the GENIUS Act has established a federal framework for payment stablecoins, the proposed rules by the U.S. Securities and Exchange Commission may provide a clearer path for token financing, and the Commodity Futures Trading Commission has also opened regulated channels for perpetual futures through Kalshi and Coinbase.

According to CoinDesk, Grayscale's Zcash Spot ETF (ZCSH) has seen its assets under management exceed $500 million within two weeks of its launch, currently holding over 550,000 ZEC, accounting for about 3% of its total circulating supply of 16.9 million.Since its listing on August 25, the fund has attracted over $70 million in inflows and received an additional $100 million investment from DCG International Investments. Driven by this, ZEC briefly surpassed $1,180 during the day, with an increase of over 4%, and a 24-hour trading volume of approximately $1 billion, raising its market capitalization to the tenth position in the cryptocurrency rankings.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $46.6464 million. The Bitcoin spot ETF with the highest net inflow in a single day is Bitwise ETF BITB, with a single-day net inflow of $14.4672 million, and the historical total net inflow of BITB has reached $2.131 billion. Following that is Blackrock ETF IBIT, with a single-day net inflow of $10.655 million, and the historical total net inflow of IBIT has reached $64.067 billion.The Bitcoin spot ETF with the highest net outflow in a single day is Grayscale ETF GBTC, with a single-day net outflow of $65.5096 million, and the historical total net outflow of GBTC has reached $27.719 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $99.516 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.31%, with a historical cumulative net inflow of $55.571 billion.

Grayscale announced on platform X that its launched the world's first Zcash spot ETF fund ZCSH is now open for options trading.

The price of Zcash (ZEC) has risen to its highest level since 2016, with a market capitalization surpassing $20 billion. According to CoinGecko data, ZEC once reached $1,249.28 before falling back to around $1,195, having increased approximately 45% over the past week and 138% over the past 30 days. However, the current price is still below the historical high of $3,191.93 set on October 28, 2016.This round of increases is primarily driven by Grayscale converting its Zcash Trust into an exchange-traded fund (ETF). The product code is ZCSH, which began trading on NYSE ARCA on August 25, allowing investors to gain exposure to ZEC through brokerage accounts. As of last Friday's close, the ETF reported $83.77, with assets under management reaching $463.2 million. Zcash allows users to choose between public transactions and "shielded" transactions, the latter utilizing zero-knowledge proofs to verify payments without disclosing the sender, receiver, or transaction amount.Grayscale's research director Zach Pandl stated in an analysis on August 31 that this could become a "must-have" feature for privacy-focused users. Pandl pointed out that artificial intelligence might increase the demand for financial privacy by making it easier to associate public blockchain transactions with user identities.

According to SoSoValue data, last week's trading day saw a net inflow of $6.1751 million for the SOL spot ETF. The SOL spot ETF with the highest net inflow last week was Grayscale SOL Trust GSOL, with a weekly net inflow of $4.3765 million, bringing GSOL's historical total net inflow to $135 million; followed by Morgan Stanley ETF MSOL, with a weekly net inflow of $1.3575 million, currently MSOL's historical total net inflow is $33.9 million.The SOL spot ETF with the highest net outflow last week was Bitwise ETF BSOL, with a weekly net outflow of $735,500, currently BSOL's historical total net inflow is $1.02 billion. As of the time of writing, the total net asset value of SOL spot ETFs is $1.41 billion, with an ETF net asset ratio (market value compared to SOL's total market value) of 2.37%, and the historical cumulative net inflow has reached $1.35 billion.

According to The Block, multiple cryptocurrency companies are actively lobbying the U.S. Securities and Exchange Commission (SEC) to expedite the ETF review process and allow the submission of confidential draft documents. Among them, Grayscale has explicitly requested that SEC staff commit to a response within 45 days.However, Jane Street and Charles Schwab have expressed reservations about this, voicing concerns over the rushed push for listings and the submission mechanism for confidential documents.

Since its listing on the NYSE Arca on August 25, the Grayscale Zcash ETF (ZCSH) has seen a cumulative net inflow of approximately $34.4 million. Launched by Grayscale, ZCSH is the first exchange-traded product to provide spot exposure to ZEC.According to Gate market data, ZEC has surpassed $1000 today, reaching a historic high, with ZEC increasing by approximately 31% since the listing of the Zcash ETF.

The U.S. Securities and Exchange Commission (SEC) has publicly released its request for comments regarding "Novel ETFs," which may hold crypto assets or adopt unconventional strategies. The disagreement centers on whether the filing documents should remain public before the fund begins trading and how quickly the review process should be. Crypto asset management firm Grayscale and the crypto policy organization Crypto Council for Innovation (CCI) support establishing an optional confidential filing period to reduce competitors from submitting imitation documents.Charles Schwab opposes complete confidentiality and suggests that filing documents should be made public at least 75 days in advance. Grayscale requests that the SEC respond within 45 days, while CCI argues that the confidentiality process should not extend the automatic effectiveness or review period. Venture capital firm Andreessen Horowitz (A16z) supports shortening the review time but emphasizes that the rigor of the review should not be reduced; trading firm Jane Street believes that accelerating the process could lead to a decline in product quality, competitiveness, and liquidity.Currently, there are 174 ETFs related to crypto assets in the U.S., with BlackRock's iShares Bitcoin Trust ETF (IBIT) managing approximately $61 billion in assets, accounting for about 38% of the total assets of related ETFs. The SEC will decide whether to adjust the confidentiality arrangements for filings and the speed of the review.

Digital asset management company Grayscale stated that by the end of 2025, the proportion of company stocks held directly and indirectly by American households' financial assets will reach 46.71%, up from 43.99% a year ago. Grayscale's research director Zach Pandl pointed out that the increase in stock asset concentration and high valuations has enhanced the opportunity for cryptocurrency to be used for portfolio diversification.Grayscale indicated that the long-term earnings growth expectation for the S&P 500 index rose to over 25% on August 28, significantly higher than the historical range concentrated between 10% and 15%. The agency believes that after the market adjustment, the valuation, leverage levels, and investors' long positions in cryptocurrency assets have all decreased.Data released by Grayscale shows that the 90-day correlation between Bitcoin and the Nasdaq 100 index has dropped from over 60% to about 33%, while its correlation with gold has risen from nearly 0 to over 50%. Grayscale also noted that Bitcoin's historical volatility is higher than broad equity indexes and does not always serve as a safe-haven asset.

According to Cointelegraph, participants in the crypto industry such as a16z, Grayscale, and the Crypto Council for Innovation (CCI) urged the U.S. Securities and Exchange Commission (SEC) to avoid implementing a one-size-fits-all restriction on "novel" exchange-traded funds (ETFs) and instead assess them based on individual risk parameters. Three comment letters were submitted on August 31, just as the SEC's 60-day window for public comments on the regulation of new ETFs was nearing its end. The SEC launched this consultation on June 30, seeking opinions on whether existing regulations are sufficient, how such funds should be regulated, and whether the registration process needs adjustments.a16z believes that crypto-based ETPs have now benefited from more mature market infrastructure, including exchange-approved listing standards and established disclosure requirements, and therefore should not be grouped with products that hold private assets or adopt other novel strategies. Grayscale similarly argues that digital asset products with mature compliance and disclosure records should not face new portfolio conditions or disclosure regimes simply because they are classified as "novel." CCI called for comparable regulatory efficiency between ETFs and non-ETF ETPs while retaining existing investor protection measures.There is widespread opposition to potential regulatory adjustments that could impose additional requirements or delay product launches, but there are differences in classification, approval processes, and terminology. The dispute over the ETF label is particularly pronounced: a16z proposed that the term ETF be used only for funds under the Investment Company Act of 1940, while Grayscale believes that ETFs should describe economic characteristics rather than legal shells.

According to SoSoValue data, the total net inflow of Ethereum spot ETFs is $87.6799 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was Blackrock ETF ETHA, with a single-day net inflow of $59.9357 million. Currently, the historical total net inflow of ETHA has reached $12.797 billion.The second is Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $13.5037 million. Currently, the historical total net inflow of ETH has reached $1.924 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $15.614 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 5.23%. The historical cumulative net inflow has reached $13.062 billion.

According to SoSoValue data, last week's trading days (Eastern Time from August 24 to August 28) saw a net inflow of $924 million into Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net inflow last week was Blackrock ETF IBIT, with a weekly net inflow of $938 million, bringing IBIT's total historical net inflow to $63.36 billion; followed by Grayscale Bitcoin Trust BTC, with a weekly net inflow of $81.83 million, bringing BTC's total historical net inflow to $2.86 billion. The Bitcoin spot ETF with the highest net outflow last week was Ark & 21 Shares ETF ARKB, with a weekly net outflow of $85.14 million, bringing ARKB's total historical net inflow to $1.32 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $97.59 billion, with an ETF net asset ratio (market value compared to Bitcoin's total market value) of 6.28%, and the historical cumulative net inflow has reached $54.63 billion.

The privacy-focused cryptocurrency Zcash has increased approximately 19 times in the past year, but its market capitalization is still less than 1% of Bitcoin. Digital asset management company Grayscale states that financial privacy, cybersecurity development, and cross-chain connectivity capabilities may drive Zcash to further expand its market share. As of today, Bitcoin's market capitalization is $1.56 trillion, while Zcash's market capitalization is $13.74 billion, about 0.88% of Bitcoin's, with Bitcoin's market cap being approximately 114 times that of Zcash.Grayscale estimates that if ZEC reaches 2%, 5%, and 10% of Bitcoin's market capitalization, the corresponding prices would be $1,622, $4,054, and $8,109, respectively; these scenarios are not price predictions. Grayscale's Zcash ETF began trading on NYSE Arca under the ticker ZCSH, moving from OTCQX to NYSE Arca, providing investors with spot ZEC exposure without the need to directly purchase tokens or manage wallets and private keys. Zcash uses proof-of-work and has a fixed supply of 21 million coins, supporting the concealment of transaction details through zero-knowledge proofs. Its intents technology can coordinate cross-chain transactions based on user goals, such as exchanging other digital assets for ZEC.

The asset management company Grayscale's crypto research team stated in a report that the so-called "debasement trade" is favorable for Bitcoin. The head of research at the institution, Zach Pandl, pointed out in the report that uncontrolled government debt growth undermines the credibility of fiat currencies, prompting investors to seek alternative stores of value such as physical gold and certain cryptocurrencies, with Bitcoin being the primary beneficiary.The report states that U.S. public debt has surpassed $40 trillion, and the Treasury is conducting bond buybacks to alleviate rising borrowing costs, but the core deficit still exists. Grayscale believes this may drive investors towards debasement trades involving Bitcoin, Ethereum, and Zcash. The report also notes that the buybacks themselves indicate a problem—the heavy growth of government debt is driving up borrowing costs, and the Treasury is merely treating the symptoms (rising bond yields) without addressing the root cause of the structural deficit.As Bitcoin began to surge last week, the dollar experienced its worst week in August and fell to a three-month low. As of Friday afternoon New York time, Bitcoin was trading at approximately $77,493, having reached a high of $81,281 earlier in the week; it has remained relatively flat over the past 24 hours but has risen over 20% in the past 30 days.

According to Arkham monitoring, addresses related to Grayscale Bitcoin Trust transferred 340.449091 BTC to two addresses including Coinbase Prime Deposit, worth approximately $26.9186 million.