@Grayscale has made little secret of its conviction on @Zcash. The asset manager has publicly argued that the crypto market is underpricing financial privacy, and that $ZEC stands to benefit as that view shifts. Now, its Head of Research is taking the case to one of the most closely watched institutional venues in Asia.

The Singapore Stage

Grayscale Head of Research Zach Pandl is scheduled to speak at Singapore's Digital Asset Yield Summit on October 6, where he is expected to lay out the macro case for Zcash. The event is an invite-only forum for private capital entering digital asset income markets. Each edition is capped at 300 attendees with an acceptance rate under 45%, producing a room that is 60% capital allocators and 77% C-suite. That audience matters. A privacy-coin thesis delivered to senior institutional allocators carries different weight than a research note.

The Bull Case Grayscale Has Been Building

Grayscale has argued that Zcash is a wager that the rise of AI surveillance will make financial privacy more valuable, and that the crypto market is underpricing that possibility. The firm's published research frames the opportunity in structural terms: the bullish Zcash thesis is that the market is currently valuing ZEC as if privacy demand will stay contained, even though shielded transactions have at times accounted for more than 50% of user activity on the network.

The backdrop has shifted considerably in recent months. Grayscale's Zcash product, ZCSH, began trading on NYSE Arca on August 25, 2026, giving traditional brokerage investors direct exposure to the token for the first time. The coin briefly reached a price of $888 in late August 2026, its highest price since 2018, capping a run-up of 1,968% over the prior 12 months.

Despite the rally, Grayscale's view is that the repricing is not complete. Pandl has noted the token's climb from roughly $60 to around $1,500 and a rise in its share of Bitcoin's market capitalization from under 0.1%, while still arguing the gap with broader crypto valuations reflects a market that has not fully priced privacy as a core monetary feature. Zcash does not need explosive growth today to justify potential upside; it needs the market to change its view about what privacy is worth tomorrow.

What Pandl says in Singapore will be worth watching closely. Grayscale has the institutional credibility and the product suite to move capital, and a formal macro argument for $ZEC in front of 160 capital allocators is not nothing.

Sources:
Grayscale Research: Zcash, Financial Privacy in the Age of AI
CoinDesk: Zcash Upside Hinges on Repricing Financial Privacy, Grayscale Says
Digital Asset Yield Summit, Singapore, October 6 2026