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Zcash's ZEC fell roughly 13% to $1,025 as Grayscale launched an advertising campaign for the privacy-focused cryptocurrency and its ZCSH exchange-traded fund. ZCSH shares were down around 12% at $27.25, while the asset manager pledged to expand grants supporting Zcash to $1 million.
Why it matters
The campaign includes a zebra-striped front-page wrap and an inside advertisement in The Wall Street Journal, as well as print, outdoor, digital, streaming and social media placements. Grayscale also launched ZcashInvest.com to explain the fund and Zcash's privacy features.
Grayscale has already awarded $400,000 in four equal grants to the Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon. It also intends to reinvest 100% of ZCSH sponsor fees into Zcash development, marketing, community and education for up to the fund's first year as an ETF.
Market impact
Both ZEC and ZCSH were trading near their lowest levels in roughly two months. ZCSH recorded more than $15 million in net outflows in November, excluding Tuesday's figures, after $46.25 million left the fund in October.
ZCSH began as a private placement in 2017 and listed on NYSE Arca in August.
Frequently asked questions
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How much has Grayscale already awarded to Zcash organizations?
Grayscale has awarded $400,000 through four equal grants to the Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon.
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How large were ZCSH's recent net outflows?
ZCSH had more than $15 million in net outflows in November, excluding Tuesday's figures, following $46.25 million in October.
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What does Grayscale plan to do with ZCSH sponsor fees?
Grayscale intends to reinvest 100% of ZCSH sponsor fees into Zcash development, marketing, community and education for up to the fund's first year as an ETF.
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Where is Grayscale advertising Zcash and ZCSH?
The campaign includes a Wall Street Journal front-page wrap and an inside advertisement, as well as print, outdoor, digital, streaming and social media placements.
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When did ZCSH begin and where is it listed?
ZCSH began as a private placement in 2017 and listed on NYSE Arca in August.
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