Pandl to Argue Zcash's Macro Case in Singapore

Grayscale’s Head of Research, Zach Pandl, is set to present a compelling case for Zcash to institutional investors in Singapore, a proposition that would have been met with skepticism just a few years ago.

Institutional Pitch for Zcash

Pandl is scheduled to speak at the Digital Asset Yield Summit (DAYS) on October 6, 2026, at 10:20 AM SGT. This appearance comes amid what appears to be a concerted effort by Grayscale to promote the privacy-focused cryptocurrency. The DAYS event is not a casual retail gathering; it is designed for a curated audience of approximately 300 institutional allocators and asset managers primarily interested in on-chain yield. Pandl’s presentation will focus on his macroeconomic thesis for Zcash, a targeted analysis of a single asset rather than a broad market overview, delivered by the research chief of a prominent digital asset management firm.

Grayscale’s Zcash Initiatives

The push for Zcash by Grayscale includes significant strategic moves. Around September 25-26, 2026, the firm filed for a Zcash-linked income ETF, a proposed fund designed to provide bi-weekly cash distributions. This follows the launch of ZCSH, a spot ETF that began trading on NYSE Arca in August 2026, offering direct exposure to Zcash. As of September 25, 2026, ZCSH managed approximately $996 million in assets.

In late September 2026, Grayscale identified Zcash as a top growth prospect within its “Currencies” category, alongside Bitcoin, Litecoin, and XRP. Analysts have posited that ZEC could potentially capture up to 5% of Bitcoin’s market share, a scenario that could drive significant price appreciation.

Zcash’s Growth and Privacy Features

Zcash’s market capitalization has seen a dramatic surge, climbing from roughly $4 billion in March 2026 to approximately $24.27 billion by late September 2026. During this period, ZEC’s trading price rose to the $1,400-$1,500 range.

At its core, Zcash is a privacy-preserving digital asset distinguished by its ability to conduct shielded transactions. This feature, powered by zk-SNARKs technology, obscures transaction details from public view. The 2026 market rally for Zcash has been accompanied by increased adoption of shielded transactions and a growing public awareness of privacy concerns, particularly in light of advancements in artificial intelligence and surveillance technologies. Pandl has highlighted Zcash’s “second-mover advantages” with its shielded transaction technology, positioning it favorably at a time when AI is intensifying scrutiny of on-chain activities.

Broader Appeal and Future Outlook

Grayscale’s multifaceted approach—including research advocacy, the filing for a new income product, managing an existing Zcash fund nearing $1 billion, and direct engagement with institutional allocators—underscores its commitment to the asset. The proposed ETF, with its bi-weekly cash distribution feature, aims to attract allocators who prioritize cash flow alongside potential price appreciation. While regulatory approval for the ETF is not guaranteed and the timeline remains uncertain, Grayscale has been providing Zcash exposure through investment products for nearly nine years.

The firm categorizes Zcash alongside Bitcoin, Litecoin, and XRP in its “Currencies” segment, arguing that even modest gains in market share from Bitcoin could yield substantial upside for ZEC, albeit with higher volatility and lower liquidity compared to the larger digital currencies. The upcoming presentation by Pandl to approximately 300 yield-focused allocators in Singapore on October 6, 2026, represents a key milestone in Grayscale’s strategy to bolster institutional interest in Zcash.