Grayscale has announced a 3-for-1 forward share split for its Zcash ETF, ticker ZCSH, less than a month after the product began trading on NYSE Arca. The move follows cumulative net inflows exceeding $233 million and comes as the underlying ZEC token reached levels above $1,500.

Shareholders of record at market close on September 28 will receive two additional shares for each share held. The new shares will be distributed after market close on September 29, with split-adjusted trading expected to begin before the market opens on September 30. The fund will continue trading under the ZCSH ticker on NYSE Arca, and its CUSIP will remain unchanged.

Rapid Growth Since August Debut

ZCSH launched on August 25, 2026, after Grayscale converted its long-running Zcash Trust into an exchange-traded fund. It became the first U.S. ETF dedicated to a privacy-focused cryptocurrency. Coinbase Custody serves as the custodian, and the fund holds its ZEC in transparent addresses to allow public blockchain verification of holdings.

As of September 17, the ETF held approximately $890 million in net assets and had generated more than $11 billion in cumulative trading volume. Net inflows since launch surpassed $233 million, including more than $112 million on September 8 and $46.6 million on a single day in mid-September. Earlier figures showed assets rising from roughly $260 million at listing to more than $500 million by early September. By that period the fund held over 550,000 ZEC, representing nearly 3 percent of the token’s total supply.

The annual management fee stands at 2.5 percent. One analysis noted that a portion of the asset growth stemmed from existing trust holdings, with additional external inflows and an allocation from an affiliate of Digital Currency Group, Grayscale’s parent company.

Share Split Mechanics and Accessibility

A forward split increases the number of shares outstanding while proportionally reducing the net asset value per share. An investor holding 10 shares valued at $300 each before the split would hold 30 shares valued at $100 each afterward, with the total position value remaining $3,000. The adjustment is designed to lower the per-share price and potentially broaden access for investors seeking smaller position sizes through traditional brokerage accounts.

The product allows exposure to ZEC without the need to purchase, store, or secure the underlying token directly. Zcash supports both transparent transactions, similar to Bitcoin, and shielded transactions that conceal sender, receiver, and amount details through zero-knowledge proofs. The ETF’s use of transparent custody addresses prioritizes auditability for market participants.

ZEC Price Movement and Network Activity

The inflow activity occurred alongside a sharp advance in ZEC. The token climbed as high as $1,521, marking a substantial rise from levels near $50 one year earlier. It surpassed $1,000 on September 4 and recorded weekly gains of roughly 25 percent in the period leading up to the split announcement. Market capitalization approached $25 billion based on circulating supply figures near 17 million tokens.

Network metrics also strengthened. Mining solrate increased from about 25 GSol/s in late August toward 32 GSol/s, while difficulty reached a record near 291 million. Higher computational capacity has accompanied the price advance, though increased competition can affect individual miner returns.

Background on the Product

Grayscale’s Zcash vehicle has a longer history than its recent ETF listing. The firm offered the product in trust form for years before conversion. Bringing a privacy-oriented asset into a regulated public-market structure required additional regulatory engagement compared with more transparent cryptocurrencies. The fund’s structure provides a conventional wrapper for an asset class that has historically faced greater institutional scrutiny.

The share adjustment itself does not alter the fund’s exposure to ZEC, its custody arrangements, or its fee schedule. It represents a structural response to the pace of investor demand observed in the product’s first weeks of exchange trading.