Grayscale voit s’ouvrir une nouvelle ère pour les ETF, alors que l’ETF Zcash franchit le cap du milliard de dollars

BSC News · 2026-10-08T05:37:26.000Z

Un terrain de jeu plus vaste pour les ETF Le marché des ETF crypto entre dans une nouvelle phase, et Grayscale entend y jouer un rôle central. Lors d’une intervention à Token2049 Singapour, Krista Lynch, directrice générale de Grayscale, a déclaré que les normes génériques de cotation de la Securities and Exchange Commission (SEC) des États-Unis avaient créé un cadre qui couvre désormais environ 15 jetons, offrant aux émetteurs une marge de manœuvre considérablement plus grande pour choisir les actifs numériques pouvant servir de support à des produits d’investissement. Lynch a indiqué que les émetteurs avaient commencé à aller au-delà du Bitcoin et de l’Ether, en se montrant plus sélectifs selon la demande des investisseurs et leurs propres convictions. Cette évolution réglementaire découle de l’approbation, en septembre 2025, par la SEC de normes génériques de cotation pour les parts de fonds fiduciaires adossés à des matières premières sur le Nasdaq, le Cboe et le NYSE. En vertu de ces normes, les fonds admissibles peuvent être cotés sans déposer de demande de modification individuelle des règles, ce qui réduit les délais d’approbation potentiels, qui pouvaient atteindre 240 jours, à environ 75 jours.

A Broader ETF Playing Field
The crypto ETF market is moving into a new phase, and Grayscale is positioning itself at the centre of it. Speaking at Token2049 Singapore, Grayscale Managing Director Krista Lynch said the U.S. Securities and Exchange Commission's generic listing standards have created a framework that now covers roughly 15 tokens, giving issuers considerably more room to decide which digital assets can support investment products.
Lynch said issuers have begun moving beyond Bitcoin and Ether, becoming more selective based on investor demand and their own conviction. The regulatory shift stems from the SEC's September 2025 approval of generic listing standards for commodity-based trust shares on Nasdaq, Cboe, and the NYSE. Under those standards, qualifying funds can list without filing an individual rule change, cutting potential approval timelines from as long as 240 days to roughly 75.
Zcash ETF Ranks Among the Best First-Month Launches in a Decade
Grayscale's Zcash ETF (ticker: $ZCSH) has been a standout early example of this new environment. The fund gathered more than $1 billion in assets within its first 30 trading days after launching on NYSE Arca on August 25, placing it among the top 1% of all ETFs launched over the past decade by assets raised in their first month, according to Lynch.
It is worth noting the composition of that figure. Cumulative net inflows stood at around $306 million as of late September, with the remainder of the AUM driven by ZEC's sharp price appreciation and pre-existing holdings carried over from the Grayscale Zcash Trust, a vehicle originally formed in October 2017. Regardless of composition, the pace of growth is notable by any ETF standard.
Looking ahead, Grayscale has previously had 27 cryptocurrencies under review spanning categories including artificial intelligence, DeFi, consumer applications, and infrastructure. The firm has also filed to tokenize two covered-call funds tied to Bitcoin and Ether under the SEC's innovation exemption, a move Lynch flagged as a path forward after the Clarity Act failed to pass.
The broader takeaway from Lynch's comments is a structural one: the question for altcoin ETF issuers is no longer simply whether a product can list, but which assets carry enough investor demand and narrative strength to attract capital once they do.
Sources:
The Block: Grayscale says crypto ETF market is entering new phase as Zcash ETF tops $1 billion
FX Street: SEC approves generic listing standards for crypto ETFs
TokenPost: Zcash ETF gathers more than $1 billion in first 30 trading days