Grayscale Investments

Grayscale Institute is now offering a free, on-demand course on the fundamentals of digital asset investing. Our inaugural class in the five-class course, Understanding Digital Asset Investing, offers 1 CE credit is now available on demand. It sets the foundation for understanding the rationale, function, and investment case for digital assets. Led by Keith Black, Adjunct Faculty at the University of Massachusetts, and author of “Investing in Cryptocurrencies and Digital Assets,” the session covers: • What are digital assets? • How do they work? • How should one value them? • How should one invest in them? • What’s the regulatory environment shaping the space? Future classes in this course will provide in-depth knowledge about key sectors in the digital asset space, including Currencies, Smart Contract Platforms, Financials, Utilities & Services, Artificial Intelligence, Consumer & Culture, the main investable tokens in each, and, importantly, how to deploy digital assets in existing traditional asset portfolios. Register to watch the first class now: https://lnkd.in/gfid8kcq

Financial privacy concerns have always followed technological change. 1. The first wave came in the 1970s as computers digitized records and automated financial systems. 2. The second wave arrived in the 1990s with the growth of the internet, raising concerns around online identity and personal data. 3. The third wave is here. AI can now track blockchain activity more effectively than ever before. Shielded $ZEC transactions can address these growing concerns. Read more: https://lnkd.in/gVuTxrjE

US public debt has exceeded $40 trillion for the first time, and rising borrowing costs are putting pressure on the Treasury. Buybacks of long-term bonds are treating the symptoms, but the core debt still remains. Grayscale Research believes unchecked government debt growth undermines the credibility of fiat currencies, driving investors toward alternative investments. Digital assets like Bitcoin, Ethereum, and Zcash may be among the primary beneficiaries of this "debasement trade." Read more on The Stack here: https://lnkd.in/gZdWuvhe

Even as the “crypto winter” is thawing, the narrative continues to miss the point. In Fortune today, I make the case that what really matters is happening beneath the market’s surface: --> Unlike 2014, 2018 and 2022, this cycle has institutional-backing, and the drawdown was materially shallower because of it.¹ --> 73% of institutional investors plan to increase their digital assets allocations in 2026.² --> 60% of Fortune 500 executives report active blockchain initiatives.³ Short-term price volatility and institutional adoption are two different stories. Only one tells you where we're heading.   Read the full piece: https://lnkd.in/gZbjxy6u -- ¹Source: CoinGecko, June 2026 ²Source: EY Parthenon, 2026 Institutional Investor Digital Assets Survey, March 2026 ³Source: Coinbase State of Crypto Report, June 2025

Grayscale Research believes Zcash (ZEC) has the ability to challenge Bitcoin's network effects. ZEC is up roughly 15x over the past year but is still valued at less than 1% of Bitcoin's market cap. Zcash has second mover advantages, features that were not possible or less relevant when Bitcoin launched: ↳ Financial privacy, which may become essential in an era of AI-powered surveillance. ↳ Active development to head off cybersecurity risks, including threats to classical cryptography from quantum computing. The July 2026 Ironwood upgrade introduced quantum-recoverable notes. ↳ Cross-chain reach powered by NEAR Intents technology. It functions as a private hub with universal connectivity across 20+ blockchains. Bitcoin and Zcash are natural complements. Read more on The Stack: https://lnkd.in/gTn3ukXb

Zcash on Bloomberg TV. Yesterday, Krista Lynch of Grayscale joined Bloomberg to break down the technical foundations of Zcash, including: ↳ The same 21 million supply cap and halving schedule as Bitcoin ↳ A Proof of Work consensus mechanism, secured by miners ↳ Zero-knowledge proofs that enable private, verifiable transactions ↳ Financial privacy by choice, with users deciding between shielded and transparent pools The Zcash ETF ($ZCSH) offers exposure to $ZEC and is now available in brokerage and investment accounts. __________________  Learn more about $ZCSH and see important disclosures: https://thezcashetf.com   The Zcash ETF ("ZCSH” or the "Fund"), 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 and volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in ZEC.   This information must be preceded or accompanied by a current The Zcash ETF prospectus, which may be obtained by clicking below. Please read the prospectus carefully before investing: https://lnkd.in/gfERqsvG. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. Spot price performance does not represent actual The Zcash ETF fund performance and actual performance may be lower than spot performance. For actual fund performance, please visit www.thezcashetf.com. Past performance does not guarantee future results.

The world’s first Zcash fund, The Zcash ETF - Built by Grayscale (Ticker: $ZCSH) begins trading today.   Zcash launched in 2016, built on the cypherpunk ideals that inspired Bitcoin and the earliest cryptocurrency believers: privacy, decentralization, and freedom. The first investment vehicle offering exposure to $ZEC followed in 2017. This original vehicle has now evolved into $ZCSH, the world's first and only Zcash exchange-traded product, giving investors exposure to $ZEC directly from brokerage or investment accounts.   We're excited to build alongside the Zcash community.   _______________  Learn more about $ZCSH and see important disclosures:   https://thezcashetf.com   The Zcash ETF ("ZCSH” or the "Fund"), 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 and volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in ZEC.   This information must be preceded or accompanied by a current The Zcash ETF prospectus, which may be obtained by clicking below. Please read the prospectus carefully before investing: https://lnkd.in/gfERqsvG. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. 

This week may mark a turning point for Bitcoin and broader crypto markets. Historically, Bitcoin has bottomed ~80% below its cycle peak price. In the current drawdown, Bitcoin fell roughly 50% from its peak, less than all prior cycles, and price has now started to climb. Before this week, markets were debating whether Bitcoin would see a further sell-off in 2026, similar to prior cycles. While there are still risks, the latest rebound may signal a more durable bottom for prices. The current cycle has been more resilient than historical bear markets, reflecting stronger underlying demand, growing institutional support, and a structurally different market.

This week, President Trump says efforts are underway to bring Hyperliquid to the US. Hyperliquid is a decentralized exchange enabling 24/7 trading of crypto assets, equities, commodities, and pre-IPO stocks through perpetual futures contracts. The exchange has drawn growing interest from institutions and market leaders throughout 2026. This is a meaningful milestone for the industry, demonstrating that regulators are working to bring innovative technology to the US legally. Alongside other catalysts this week, the underlying token HYPE reached a new all-time high of $77*. *Source: CoinGecko, as of 08/21/2026.

The U.S. Securities and Exchange Commission just proposed new crypto regulation. "Reg Crypto" would create the first clear regulatory path for token-based fundraising in the US. The proposed rules set fundraising limits, eligibility and disclosure requirements, and acknowledge that some decentralized protocols may no longer need to apply. Token-based fundraising has existed for years through Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs), but all have deliberately taken place overseas due to regulatory ambiguity in the US. Reg Crypto was designed to answer this ambiguity. Grayscale Research believes this could drive more onchain activity and value to networks like Ethereum, Solana, and BNB Chain. Read more on The Stack: https://lnkd.in/g9aD9Wck