According to CoinMeta, Grayscale has updated its Zcash ETF application, setting an annual fee rate of 2.5%, and plans to list on NYSE Arca. Zcash soared to its highest level in nearly eight years on Saturday, reflecting investors' response to Grayscale's efforts to convert its existing Zcash trusts into exchange-traded funds (ETFs) on U.S. exchanges. Although the application has not yet received SEC approval, it brings the product one step closer to potential launch. If approved, it will become the first U.S. ETF to directly track ZEC. After a year of volatility, Zcash has regained attention, with the latest SEC application indicating that Grayscale will use 100% of the sponsorship fees it receives to support marketing and initiatives for the Zcash network. ZEC broke through $800 on Saturday, returning to a level not seen since 2018, and recent reports show that ZEC has risen by more than 60% in just seven days.