Grayscale states Zcash complements Bitcoin

Grayscale makes the case for ZEC as a privacy complement to BTC

@Grayscale Research has laid out a pointed thesis: $ZEC is one of the biggest beneficiaries of the "second-mover advantage" in crypto, positioned to do what $BTC cannot. While Bitcoin has cemented its role as a sovereign store of value, it operates on a transparent ledger. Grayscale argues that as AI-based financial surveillance becomes more sophisticated, demand for credible on-chain privacy will rise, and Zcash is built to fill that gap.

Zcash uses zero-knowledge proofs to allow shielded transactions that can conceal transaction details, distinguishing it from Bitcoin's transparent ledger. The protocol uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs) to enable shielded transactions that conceal sender, recipient, and amount while preserving auditability through viewing keys and selective disclosure.

According to Grayscale's research, as of July 20, 2026, shielded transactions accounted for approximately 90% of all Zcash transactions, while around 4.2 million ZEC were held in the shielded pool, representing roughly 25% of the circulating supply at the time. That level of real usage lends weight to Grayscale's argument that $ZEC's privacy features are more than theoretical.

A concrete price target tied to Bitcoin market share

Grayscale Research goes further than making a qualitative case. Grayscale Research says ZEC could reach around $8,100 by 2030 if it captures 10% of Bitcoin's market value. If ZEC reached about 2% of Bitcoin's market capitalization, the research suggests its price could move above $1,622. The $8,100 figure is a scenario based on market-share assumptions rather than a forecast or guarantee, and reaching that level would require Zcash to gain substantially more market value relative to Bitcoin than it has today.

The research note arrives alongside a significant product launch. On August 24, Grayscale launched the Zcash ETF, known as ZCSH, on NYSE Arca after converting its existing Zcash Trust, giving U.S. investors access to spot exposure to ZEC without directly holding the cryptocurrency. The ETF reportedly had about $260 million in assets around its launch.

Zcash jumped 42% in seven days from a weekly low near $554 and is up about 350% year to date. Despite the increase, Zcash's market capitalization remains less than 1% of Bitcoin's, which underscores just how much room Grayscale's scenarios assume $ZEC would need to cover.

Sources:
Crypto Times: Zcash Gains 42% in Week as Grayscale Maps Potential Path Toward $8,100
Crowdfund Insider: Grayscale Investments Advances Plans For Spot Zcash ETF Through Updated SEC Filing
Coinpaper: Grayscale Sees Zcash Price at $8,100 if ZEC Captures 10% of Bitcoin's MCap