Grayscale Zcash Trust Filing: DCG Control and Mining Ties Spark Conflict Concerns in Privacy Asset Bid for NYSE Arca

Over the quiet hum of exchange terminals in Seoul at 2 a.m., a single data point refused to settle: 2.3 percent of Zcash supply, locked away inside a trust. That slice translated to roughly 155 million dollars in net asset value, yet the shares traded at a persistent 7 percent discount, with one flash earlier slamming the premium to 240 percent. The filing revised just last week hinted at something sharper — a path to NYSE Arca listing that could never be fully separated from the web of control that stretched back through DCG, Foundry, and the 15.4 percent hashrate slice held by its mining pool. Finding the signal in the static of the new wave, this wasn’t just another ETF rumor. It was a narrative fracture waiting for a glitch to expose it.