Grayscale의 Zcash ETF 입찰은 ‘GBTC 2.0’ 논쟁을 촉발합니다: 충돌인가 아니면 앞으로 나아갈 것인가?

Delphi Digital researcher Simon Shockey is arguing that the real story in Zcash is no longer just its price – despite ZEC having one of the most eye-popping rallies of this cycle in recent months. “The most interesting thing about ZEC today is not the price,” he wrote on X. “It’s the fact that a GBTC-style discount dislocation just appeared around ZCSH.” For Shockey, the Zcash trust setup only makes sense when viewed through the lens of what happened with Grayscale’s Bitcoin product. He reminds readers that “funds were built, and later blown up, on two different GBTC trades.” The first was the premium arbitrage, where Grayscale allowed accredited investors to subscribe at NAV with a six-month lock while GBTC traded at a “~30–40%” premium in public markets. Will Zcash Follow The GBTC Playbook? The playbook, he writes, became almost mechanical: “subscribe at NAV, lock for six months, hedge BTC exposure with CME shorts, sell GBTC at a premium, pocket the spread and lever it.” It was so wi