Grayscale Zcash ETF Reaches $1 Billion in Assets with Less Than 30% Net Inflow

As of September 24, Grayscale's Zcash ETF (ZCSH) has reached a net asset size of $1 billion, with a cumulative net inflow of $306.12 million, accounting for less than 30%. The fund began trading on NYSE Arca on August 25 and exceeded $500 million in size within two weeks. ZCSH was renamed from Grayscale Zcash Trust, which was established in October 2017 and already held ZEC at the time of listing; meanwhile, the price of ZEC has approximately doubled since the ETF's launch, driving the growth of the fund's asset size. On September 8, Grayscale's parent company, DCG International Investments, exchanged 85,705.33 ZEC for about $100 million in ZCSH shares. After excluding this non-cash transaction, approximately $200 million in new external funds were added. Grayscale will implement a 3-for-1 forward split before the market opens on September 30, applicable to registered holders as of the market close on September 28. After the split, the net asset value per share is expected to drop to about one-third, with the number of shares increasing threefold, while the dollar value of holdings remains unchanged.

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