Zcash at 10: Still Innovating. Explore ZCSH.

Zcash at 10: Still Innovating. Explore ZCSH. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

A message from Zcash just turned 10, and it’s not slowing down: an upgrade designed to produce blocks three times faster just went live.1 Grayscale’s Zcash offering has evolved alongside the network—from an investment vehicle launched in 2017 to The Zcash ETF (ticker: ZCSH). The first US-listed exchange-traded product dedicated to the network’s native token, ZCSH offers exposure through the brokerage accounts investors already use, without having to buy, store, or safeguard ZEC. Why ZCSH?  First to Market. Years in the Making. ZCSH combines almost a decade of operating history with a sizable existing asset base.2 Bitcoin’s Blueprint. Zcash’s Own Path. Zcash began with Bitcoin’s open-source code, then added optional privacy through innovative zero-knowledge cryptography. Convenient Exposure, Plus Options. Buy shares through many traditional brokerage and investment accounts, with options available for investors seeking added flexibility.  INVEST NOW The Zcash ETF (“ZCSH”), an exchange-traded product, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act-registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk, heightened volatility, and is not suitable for an investor who cannot afford the loss of their entire investment. An investment in ZCSH is not a direct investment in ZEC. 1 Zakura NU7 Dashboard, as of November 5, 2026. The upgrade reduces the target block interval from 75 seconds to 25 seconds. Block speed subject to change. 2 ZCSH was a private placement from 10/24/2017 until 8/25/2026, when it uplisted to an ETP. This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing in The Zcash ETF (the “Fund”). This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of the Fund. The value of the Fund relates directly to the value of the underlying digital assets, the value of which may be highly volatile and subject to fluctuations due to a number of factors. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Zcash’s privacy-enhancing cryptography could fail, and could be used to facilitate unlawful activity, exposing businesses that facilitate ZEC transactions to liability or loss of services. Either could negatively affect the price of ZEC and the value of the shares. While Zcash shares certain structural similarities with Bitcoin, there are several key differences between the Zcash network and the Bitcoin network beyond privacy features, including, among others, differences in supply issuance, governance, development funding, consensus mechanisms, and network adoption. Zcash should not be viewed as equivalent to, or a substitute for, Bitcoin. Foreside Fund Services, LLC is Marketing Agent and Grayscale Securities, LLC is Advertising Review and Filing Agent for the Grayscale ETPs. © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. This message is intended only for the addressee. Please notify the sender by e-mail if you are not the intended recipient. If you are not the intended recipient, you may not copy, disclose, or distribute this message or its contents to any other person and any such actions may be unlawful. Grayscale Investments Sponsors, LLC (“Grayscale”) reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the Grayscale e-mail system and archived in accordance with any applicable laws and regulations. The information contained in this email communication and any attachments is for informational purposes only and should not be regarded as an offer to sell or a solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be in violation of applicable local laws. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of specific investors. Any price or value of the investment referred to in this email communication and the income from such investments may fluctuate, and investors may realize losses on these investments, including a loss of principal. Past performance is not indicative or a guarantee of future performance. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, legal or other advisers regarding any potential investment. The information and any opinions contained in this email communication have been obtained from sources that we consider reliable, but we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. Grayscale Operating, LLC "GSO") is the parent holding company of Grayscale Advisors, LLC (“GSA”), an SEC-registered investment adviser, as well Grayscale Securities, LLC (“GSS”), an SEC-registered broker/dealer and member of FINRA, and Grayscale Investments Sponsors, LLC ("Grayscale"). Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale (“Products”) are registered under the Investment Company Act of 1940. Investment products managed by GSA are registered under the Investment Company Act of 1940. Any private placement securities referenced herein are marketed and/or sold through Grayscale Securities, LLC (Member FINRA/SIPC). This communication is not directed at any person located outside the United States. Neither the Trust nor Grayscale is making an offer to sell shares or soliciting any offer to buy shares to any person located in any jurisdiction other than the United States. This communication is the sole responsibility of the sponsor. Neither Coindesk, Inc nor any of its affiliates ("Coindesk") are responsible for the content of this communication. Coindesk does not intend to make any offer or solicitation to any person with respect to any products and/or services referred to in this communication. CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

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Bitcoin just erased September’s bullish signal

Bitcoin fell below its 50-week average, erasing September’s bullish signal, as Nvidia’s CEO resigned. Plus: Polymarket trims staff, and Gemini sells its UK and European units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thursday, November 12, 2026   Bitcoin dropped below a key level, reversing a September signal that had convinced analysts a new bull run had begun. Specifically, the price of the largest cryptocurrency fell below its 50-week simple moving average, recently changing hands below $73,400, a discount to the average of $75,153. This marks a failed breakout, a pattern technical analysts often take to represent renewed seller dominance in the market. In September, prices convincingly topped the 50-week average, prompting several analysts, including Galaxy Digital’s research head Alex Thorn, to call it evidence of the start of a new bull run. Thorn’s analysis showed that in four of the five previously completed bear markets, the first weekly close above the 50-week average led to bull runs, with the lone exception the 2021–22 cycle, in which two brief reclaims were followed by a deeper selloff. For now, that bullish view stands invalidated, and it’s happening alongside large outflows from spot ETFs that recently highlighted weak institutional demand. Wintermute said it stays cautious while bitcoin sits under its 50-week average, with $68,000 the next level down and a reclaim of $80,000 changing that view. Elsewhere, the Dollar Index briefly topped 103, the highest since March 2025, and sustained dollar strength makes bitcoin and the wider crypto market less attractive, though some observers say the dollar’s rally may be ending, with a Fed rate increase in December pretty much baked in. LMAX Group’s Joel Kruger said Fed commentary and Friday’s U.S. producer price inflation report are the next tests for that view, and that the conflict with Iran remains a swing factor through the price of oil, but that if those catalysts give the dollar little reason to extend its gains, he sees scope for bitcoin to lead a recovery. Meanwhile, some observers worry that MSCI’s exclusion of Strategy from its indexes could hamper its ability to raise money for bitcoin purchases, though Marex analysts note the company still holds 850,364 BTC and reported no sales, so the cleaner near-term trade is pressure on MSTR liquidity and relative value, not an automatic BTC disposal. Stay alert. Read today’s full report → Market snapshot As of 9am ET Asset Price 24h BTC $72,400 −1.51% ETH $2,011 −2.03% SOL $81.33 −3.18% XRP $1.03 −2.39% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 Nvidia shares plunge 10% to June 2025 levels as Jensen Huang resigns Nvidia shares fell 10% to $156, returning to levels last seen in June 2025, after Jensen Huang resigned as president, chief executive and board member, effective immediately, the company said. Chief Financial Officer Colette Kress will become interim CEO. CoinDesk notes that the departure follows mounting scrutiny of Huang and reports that directors were considering his future, and that investors now face uncertainty over succession, strategic continuity and the implications for confidence across the broader AI sector, which often acts as a proxy for the crypto market. Bitcoin showed little initial reaction to the news, trading just under $72,500, 1.7% lower over the past 24 hours. Read more → Finance   Story 2 of 3 Polymarket trims workforce under investor pressure as Kalshi surges ahead Prediction market platform Polymarket has cut jobs and ended contractor agreements as it reshapes its business amid investor pressure and growing competition from rival Kalshi. The company confirmed the cuts but did not say how many people were affected, Bloomberg reported, and said the changes involved new hires, changes in personnel and letting some people go. It also confirmed that an email circulating on X describing a company-wide reduction in force is real, and more than half of those affected were contractors. The cuts follow pressure from investors on founder Shayne Coplan to bring more discipline to the business, according to the report. Polymarket now trails Kalshi in monthly trading volume, according to DefiLlama data, and in September named former Amazon finance chief Warren Jenson as its first chief financial officer. Polymarket did not immediately respond to CoinDesk’s request for comment. Read more → Finance   Story 3 of 3 Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million Gemini Space Station, the New York-based holding company that operates the crypto exchange founded by Cameron and Tyler Winklevoss, sold its U.K. and European operations to stablecoin payments company KAST for less than $10 million, according to a person familiar with the matter. The deal was referenced about a month ago in a KAST recruitment listing for a European general manager to oversee the transition of Gemini’s U.K. and EU staff. Gemini declined to comment, and a KAST spokesperson would not discuss the deal but said the company is actively in the market for M&A. The sale follows Gemini’s decision in February to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce, while retaining its U.S. and Singapore businesses, and CoinDesk previously reported that potential buyers were examining the shuttered businesses to obtain their regulatory permissions. Singapore-based KAST, founded by former Circle executive Raagulan Pathy, provides accounts, cross-border transfers and payment cards for holding and spending stablecoins and raised $80 million in March. Crypto M&A totaled $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter, according to advisory firm Architect Partners. Gemini is scheduled to report third-quarter results after the U.S. market close on Thursday. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

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CoreWeave lifts AI stocks; bitcoin stalls near $74,000

Bitcoin stalls near $74,000 as CoreWeave lifts AI stocks and Anthropic reportedly eyes a higher IPO valuation. Plus: meet Spiko, the largest tokenized fund, and Kraken’s xStocks adds 200 European shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, November 11, 2026 Bitcoin stuck under $74,000 as CoreWeave earnings revive AI outlook, Anthropic said to raise IPO valuation CoreWeave’s third-quarter results gave the battered AI trade a lift, sending its shares up about 10% in premarket trading while bitcoin and gold were little changed, around $74,000 and $4,000 an ounce. The AI cloud provider said revenue grew 168% from a year earlier and raised its full-year forecast to $13 billion–$13.3 billion, though its net loss widened to $709 million on higher interest costs. IREN, Galaxy Digital and Cipher Digital rose 5%–7% and Nasdaq 100 futures climbed more than 1.5%. Traders price roughly an 86% chance of a quarter-point Fed rate hike on Dec. 9 and a 14% chance of a half-point move after Tuesday’s hot inflation report. The Financial Times reported that Anthropic’s bankers are weighing an IPO valuation of $1.5 trillion or more, above Tuesday’s roughly $1.4 trillion target. Read more → Finance Meet Spiko, the largest tokenized fund in the world you’ve probably never heard about Spiko, a French fintech platform, says it now hosts the world’s largest tokenized fund: its Spiko Amundi Overnight Swap Fund (SAFO) held $2.39 billion as of late October, edging past Circle’s USYC and BlackRock’s BUIDL, both above $2 billion, according to Spiko’s own post. Its assets have grown about 30% a month over the last three months and its investor base about 18% a month, to more than 10,000 entities and individuals. The company raised $90 million in October at a valuation of around $800 million. Spiko offers blockchain-based money market funds under the EU’s UCITS framework, and CEO Paul-Adrien Hyppolite says London is now its main office alongside Paris, with a possible U.S. expansion next year. 2-minute read → Finance Kraken’s xStocks adds 200 UK and EU shares as its assets top $1.1 billion Kraken parent Payward is adding more than 200 U.K. and European stocks to xStocks, including all 40 companies in Germany’s DAX index, and says the platform holds over $1.1 billion in assets. Each token is backed by a share held with a regulated custodian, but gives synthetic exposure to the price rather than ownership of the company. The tokens remain unavailable to investors in the U.K. and U.S., and Hong Kong-listed stocks are due in the coming weeks. The London Stock Exchange plans to list xStocks on its LSE 24 platform in 2027, pending approval. The model differs from the OKXICE venture, since the SEC’s innovation exemption requires tokens to give holders the same rights as ordinary shares and excludes third-party synthetic tokens. 2-minute read → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

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