Grayscale’s Zach Pandl to make the macro case for Zcash in Singapore

Grayscale’s Head of Research, Zach Pandl, is heading to Singapore to make an argument most institutional crowds would not have entertained a few years ago: the macro case for Zcash.

He is scheduled to speak at the Digital Asset Yield Summit (DAYS) on October 6, 2026, at 10:20 AM SGT. The talk lands in the middle of what looks like a coordinated Grayscale campaign around the privacy-focused asset.

A room full of allocators, and a very specific pitch

DAYS is not a retail meetup with free t-shirts. The event is built for a select group of roughly 300 institutional allocators and asset managers whose shared interest is onchain yield.

That is the audience Pandl will address with his macro thesis for Zcash. The topic is not a broad tour of the crypto market. It is a focused presentation on a single asset, delivered by the research chief of one of the best-known names in digital asset management.

Around September 25-26, 2026, Grayscale applied for a Zcash-linked income ETF. The proposed fund is designed to offer biweekly cash distributions.

The numbers behind Grayscale’s Zcash conviction

Grayscale already runs ZCSH, a spot ETF that commenced trading on NYSE Arca in August 2026 and offers exposure to Zcash.

As of September 25, 2026, ZCSH held approximately $996 million in assets.

In late September 2026, Grayscale identified Zcash as the asset with the most growth potential in its “Currencies” category, alongside Bitcoin, Litecoin, and XRP. Analysts suggest that ZEC could capture up to 5% of Bitcoin’s market share, which could lead to substantial price increases.

Zcash’s market capitalization climbed from around $4 billion in March 2026 to approximately $24.27 billion by late September 2026. Over the same stretch, ZEC traded up toward the $1,400-$1,500 range.

Why privacy is suddenly a selling point

Zcash is a privacy-preserving digital asset. Its core feature is the ability to use shielded transactions, which use zk-SNARKs technology to keep transaction details out of public view.

The 2026 rally has coincided with growing adoption of shielded transactions. It has also tracked rising public awareness of privacy concerns, particularly in the context of artificial intelligence and surveillance. Pandl has characterized Zcash as benefiting from “second-mover advantages” with its shielded transaction technology at a time when AI is increasing scrutiny of on-chain activity.

What this means for investors and the market

Grayscale is talking up Zcash in its research, has filed for a new Zcash income product, runs an existing Zcash vehicle approaching $1 billion, and is sending its research head to pitch the asset to institutional allocators in person.

The proposed ETF offering biweekly cash distributions could broaden Zcash’s appeal to allocators who care about cash flow, not just price appreciation. Approval is not guaranteed, and the timeline for any decision remains open.

Grayscale has offered Zcash exposure through investment products for nearly nine years. Grayscale places Zcash alongside Bitcoin, Litecoin, and XRP in its Currencies category, arguing that even slight market-share gains from Bitcoin could lead to significant upside for ZEC, although with higher volatility and less liquidity compared to larger digital currencies.

The next concrete marker is October 6, 2026, when Pandl presents to roughly 300 yield-focused allocators in Singapore.