The World’s First Zcash Fund, The Zcash ETF - built by Grayscale (Ticker: $ZCSH) Is Live

A message from Introducing The Zcash ETF (ticker: ZCSH), the world's first and only exchange-traded fund offering dedicated exposure to ZEC, the native cryptocurrency of the Zcash network*.  Built by Grayscale, ZCSH is the evolution of an investment vehicle originally launched in 2017 (a year after the Zcash network itself). Now, with close to 10 years of operating history, ZCSH becomes the first US-listed exchange-traded fund to bring dedicated ZEC exposure to investors directly in their brokerage accounts. Bitcoin demonstrated the value of decentralized money. Zcash builds on that success by bringing privacy to cryptocurrencies. Using zero-knowledge cryptography, Zcash lets users transact with Bitcoin-like design and shielded balances. Shielded transactions at times have accounted for more than 50% of user transactions**. As AI-driven data analysis and digital payments expand, that privacy layer will only matter more.   The Zcash ETF ("ZCSH"), an exchange-traded product, is not registered under the Investment Company Act of 1940 ("40 Act") and therefore is not subject to the same regulations and protections as 40 Act-registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk, heightened volatility, and is not suitable for an investor who cannot afford the loss of their entire investment. An investment in ZCSH is not a direct investment in ZEC. Why ZCSH? First to Market. Years in the Making. ZCSH is the evolution of an established ZEC investment vehicle, bringing almost 10 years of operating history and a sizable existing asset base. Bitcoin's Blueprint. Zcash's Own Path. Zcash began with Bitcoin's open-source code, then added optional privacy through innovative zero-knowledge cryptography. For investors looking beyond crypto's established leaders, ZCSH offers an efficient way to gain exposure to the token's potential growth and for adding portfolio diversification. Convenient Exposure Through a Traditional Vehicle. Available through many traditional brokerage and investment accounts, ZCSH provides exposure to ZEC without requiring investors to buy, store, or safeguard the token directly. INVEST NOW * First and only US-listed ETF dedicated solely to ZEC as of August 22, 2026. ** Blockworks Analytics, Zcash: Transactions, October 6, 2024-June 28, 2026.   This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing in The Zcash ETF (the "Fund").   Investing in digital assets involves significant risk and heightened volatility, including possible loss of principal. An investment in the Fund is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment should be considered only by persons who can bear the risk of total loss associated with an investment in the Fund.   This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.   There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of the Fund. The value of the Fund relates directly to the value of the underlying digital assets, the value of which may be highly volatile and subject to fluctuations due to a number of factors. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset.   Foreside Fund Services, LLC is the marketing agent for the Grayscale ETPs.   © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. This message is intended only for the addressee. Please notify the sender by e-mail if you are not the intended recipient. If you are not the intended recipient, you may not copy, disclose, or distribute this message or its contents to any other person and any such actions may be unlawful. Grayscale Investments Sponsors, LLC ("Grayscale") reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the Grayscale e-mail system and archived in accordance with any applicable laws and regulations. The information contained in this email communication and any attachments is for informational purposes only and should not be regarded as an offer to sell or a solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be in violation of applicable local laws. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of specific investors. Any price or value of the investment referred to in this email communication and the income from such investments may fluctuate, and investors may realize losses on these investments, including a loss of principal. Past performance is not indicative or a guarantee of future performance. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, legal or other advisers regarding any potential investment. The information and any opinions contained in this email communication have been obtained from sources that we consider reliable, but we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. Grayscale Operating, LLC ("GSO") is the parent holding company of Grayscale Advisors, LLC ("GSA"), an SEC-registered investment adviser, as well Grayscale Securities, LLC ("GSS"), an SEC-registered broker/dealer and member of FINRA, and Grayscale Investments Sponsors, LLC ("Grayscale"). Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale ("Products") are registered under the Investment Company Act of 1940. Investment products managed by GSA are registered under the Investment Company Act of 1940. Any private placement securities referenced herein are marketed and/or sold through Grayscale Securities, LLC (Member FINRA/SIPC). Grayscale |  290 Harbor Drive, Stamford, CT 06902 CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Traders pulling back ahead of PPI drop...

Traders are pulling back bullish bets ahead of PPI this morning and CPI tomorrow. Nasdaq just invested $100M in Kraken at a $21B valuation. And LAPTOP crashed 98% on launch day. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thursday, September 10, 2026   Bitcoin is down to $78,023 this morning as traders shed bullish exposure ahead of two back-to-back inflation readings: PPI lands at 8:30am ET today and CPI follows tomorrow. Consensus expects PPI up 0.4% month-on-month in August — that would lift the annualized reading to 5.3% from 4.7%, a sharp acceleration that would meaningfully strengthen the case for a Fed rate hike at next Wednesday’s meeting, where the odds of a 25-basis-point hike already stand above 60%. The call skew in bitcoin options is weakening — meaning traders are reducing upside bets — while bond yields remain elevated and oil sits near $100. The Senate Clarity Act cloture vote is Monday. Stay alert. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $78,023 −1.64% ETH $2,469 −1.28% SOL $101.49 −2.65% XRP $1.38 −3.22% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 Bitcoin traders dial down bullish plays ahead of U.S. inflation data. Bitcoin’s pullback from $81,000 to $78,000 this week has prompted traders to reduce bullish options exposure: call skew — the premium traders pay for upside bets relative to downside protection — is softening, per AI trading terminal OrderX. PPI today is expected to show producer-level inflation rose 0.4% month-on-month in August, which would push the annualized rate from 4.7% to 5.3% — a sharp acceleration that could push CME FedWatch’s already-60%-plus rate-hike odds even higher. CPI follows Friday. The 10-year Treasury yield is at its highest since November 2023 and the ECB is expected to hike rates today, adding to the global tightening backdrop. Separately, Coinbase CEO Brian Armstrong said crypto wins regardless of how the Clarity Act Senate vote goes Monday: either the bill passes, or the industry uses the opposition as a rallying point for midterms. Read more → Finance   Story 2 of 3 Nasdaq invested $100 million in Kraken’s parent company at a $21 billion valuation. Nasdaq’s venture arm has put $100 million into Payward — Kraken’s parent company — valuing the firm at $21 billion, according to Bloomberg, up from the $20 billion valuation at which Payward was seeking capital when CoinDesk first reported the fundraise in May. As part of the deal, Kraken will distribute Nasdaq’s tokenized stocks on its platform, giving users access to Nasdaq-listed equities in tokenized form with the same voting rights as regular shares. The investment expands on a partnership announced in March when Nasdaq said it planned to give publicly traded companies more control over shares in tokenized form and began working with Kraken on the infrastructure to bridge tokenized equities between regulated and onchain markets. NYSE is simultaneously building its own venue for 24-7 trading of tokenized stocks and ETFs — two of the three major U.S. exchange operators are now actively building onchain equity infrastructure. Read more → Markets   Story 3 of 3 Hunter Biden’s LAPTOP memecoin crashed 98% on launch day. Traders are sitting on six-figure losses. LAPTOP launched Wednesday at 5 cents into thin liquidity and immediately got hit by sniper bots — automated programs that front-run new token launches within seconds — spiking and crashing 98% from its opening level. Blockchain analytics firm Nansen recorded 46,675 buy transactions from 20,085 unique buyers in 24 hours, most of whom have not sold: one wallet is sitting on roughly $199,000 in total losses, another on $118,000. The team blamed the bots and thin initial liquidity, said it will deploy additional tokens to incentivize liquidity pools, and maintained that there was no presale and no insider allocation — “everyone had the same information, at the same time.” Nansen pegged the token at roughly a $720 million market cap even after the collapse, a figure that flatters newly launched tokens where thin liquidity means small trades move the quoted price dramatically. TRUMP, the closest precedent, launched to nearly $15 billion in January 2025 and has since fallen 97%. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Look Who's Coming

September 22 - Washington, D.C. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

The Clarity Act faces a pivotal Senate vote on September 15.   Whatever the outcome, the vote will have significant implications for crypto policy. On September 22, CoinDesk: Policy & Regulation brings together the leaders from the public and private sectors who will help shape what comes next. Will you be joining the following organizations in D.C. on September 22? 50T Funds Aberdeen, Inc. Agio Ratings AIMA Aleo Network Foundation Anchorage Digital BGR Binance Bitwise Asset Management Blockchain Association Blockstream Capital Partners Bloomberg BofA Boston Consulting Group Broadridge Financial Bullish Cahill Caladan CCI Chainalysis Chainlink Labs Circle Citi Coinbase Davis Polk & Wardwell LLP Delaware Department of Justice Dentons Digital Ascension Group DLA Piper DTCC Elliptic EY Fairfax County Employees' Retirement System Fairfax County Police Officers Retirement System Fenwick Fidelity Florida Office of Financial Regulation  Flow Traders Ltd. Forward Industries Franklin Templeton FS Vector Goldman Sachs Grayscale HLC JPMorgan Chase Katten Muchin Rosenman LLP Laser Digital Latham & Watkins LLP Liberty City Ventures Liechtenstein Government  Maple Finance McDermott Will & Schulte MNNC Group / Monarq Asset Management Morgan Stanley Morgan, Lewis & Bockius LLP Multicoin Capital National Futures Association New York State Department of Financial Services Office of Financial Regulation OMFIF Ondo Finance Pantera Capital ParaFi Capital LP Parataxis Patomak Global Advisors PAYO Digital Bank PayPal Plaintext Polymarket Praxos Capital Private Family Office PwC Quantinuum Quip Network Rain Ribbit Capital Solana Policy Institute Sternhell Group Stoka Global Management Strobe Ventures Sumsub Superstate Susquehanna Crypto The Digital Chamber The Venture Dept. The Washington Post The White House TRM Labs TRON U.S. House of Representatives U.S. Securities and Exchange Commission U.S. Senate Vanderbilt Law School Walkers LLP Willkie Farr & Gallagher LLP WilmerHale 50T Funds Aberdeen, Inc. Agio Ratings AIMA Aleo Network Foundation Anchorage Digital BGR Binance Bitwise Asset Management Blockchain Association Blockstream Capital Partners Bloomberg BofA Boston Consulting Group Broadridge Financial Bullish Cahill Caladan CCI Chainalysis Chainlink Labs Circle Citi Coinbase Davis Polk & Wardwell LLP Delaware Department of Justice Dentons Digital Ascension Group DLA Piper DTCC Elliptic EY Fairfax County Employees' Retirement System Fairfax County Police Officers Retirement System Fenwick Fidelity Florida Office of Financial Regulation  Flow Traders Ltd. Forward Industries Franklin Templeton FS Vector Goldman Sachs Grayscale HLC JPMorgan Chase Katten Muchin Rosenman LLP Laser Digital Latham & Watkins LLP Liberty City Ventures Liechtenstein Government  Maple Finance McDermott Will & Schulte MNNC Group / Monarq Asset Management Morgan Stanley Morgan, Lewis & Bockius LLP Multicoin Capital National Futures Association New York State Department of Financial Services Office of Financial Regulation OMFIF Ondo Finance Pantera Capital ParaFi Capital LP Parataxis Patomak Global Advisors PAYO Digital Bank PayPal Plaintext Polymarket Praxos Capital Private Family Office PwC Quantinuum Quip Network Rain Ribbit Capital Solana Policy Institute Sternhell Group Stoka Global Management Strobe Ventures Sumsub Superstate Susquehanna Crypto The Digital Chamber The Venture Dept. The Washington Post The White House TRM Labs TRON U.S. House of Representatives U.S. Securities and Exchange Commission U.S. Senate Vanderbilt Law School Walkers LLP Willkie Farr & Gallagher LLP WilmerHale Register Now Thank you to our sponsors: Interested in sponsoring CoinDesk: Policy & Regulation? Contact Us CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences