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Grayscale pledges $1 million and a national ad blitz for Zcash as ZEC drops more than 11%
Summary
Grayscale said Tuesday it plans to direct $1 million to nonprofits and initiatives supporting Zcash and has already given $100,000 each to the Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon, The Block and Decrypt reported.
The firm said it intends to reinvest all sponsor fees from its Zcash ETF (ZCSH) into Zcash development, marketing, community and education for up to the fund's first year as an ETF, according to both outlets.
Grayscale also launched the ZcashInvest.com education site and a national ad campaign that opened with a Wall Street Journal wrap and runs across print, outdoor, digital, streaming and social channels.
The push landed on a bad day for the coin: The Block put ZEC down roughly 13% to about $1,025, near a two-month low, while Decrypt, citing CoinGecko, said it fell 11.3% to about $1,043 after briefly dipping below $1,000.
Key facts
- The Block: ZCSH shares fell about 12% to $27.25, and the fund has had more than $15 million in net outflows so far in November after $46.25 million in October, citing SoSoValue.
- Decrypt: Grayscale's fee commitment is voluntary and can be changed or ended at any time.
- Decrypt: ZEC is down about 19% over 30 days and off its October highs above $1,500, but still up about 75% from a year ago; perpetual futures open interest is about $2.3 billion.
- Grayscale head of index Steve Vanourny said "financial privacy is becoming essential as more economic activity moves onchain and AI makes it easier to analyze," both outlets reported.
- Decrypt: another Zcash ETF is in the works from the Winklevoss twins, and Europe's first Zcash exchange-traded product has already launched.