Grayscale: The privacy features of Zcash are "very interesting," and they are working on converting trusts into ETFs.

On February 14th, Gray’s Chief Legal Officer Craig Salm stated at the Consensus Hong Kong Conference: “If you have business needs and want to make large payments to suppliers but don’t want other companies or competitors to see, which could expose your business information, you would want this transaction to remain private. Paying with Bitcoin may not achieve this because the blockchain is transparent. We’ve seen on the X platform accounts dedicated to tracking on-chain transactions. So you can imagine scenarios where this need exists. Privacy coins like Zcash are particularly interesting because of ‘selective disclosure,’ allowing you to choose to disclose information to certain parties—for example, proving to the tax authorities that you’ve paid your taxes correctly—while maintaining privacy in everyday business or personal transactions. Therefore, we believe this is a very interesting form of currency. We already have a substantial Zcash trust and are working on converting it into an ETF, just as we have done with several other products.”