Grayscale Is Making Its Red-Hot Zcash ETF More Affordable

Grayscale announced a 3-for-1 forward share split for its Zcash spot ETF, ZCSH, filing the plan with the U.S. Securities and Exchange Commission. Shareholders of record at the close of trading on Sept. 28 will receive two additional shares for each share they hold; new shares will be paid out after markets close on Sept. 29 and the split-adjusted shares will trade starting Sept. 30, 2026 under the existing ticker and CUSIP. The firm said the split will reduce the fund's net asset value (NAV) per share to roughly one-third of its level immediately before the split, while proportionally increasing the number of shares outstanding. Grayscale framed the change as a means to make the fund's per-share price more accessible to retail investors, noting that brokers typically do not allow purchases of fractional shares in the same way crypto exchanges allow fractional tokens. ZCSH has drawn heavy investor interest since launching on Aug. 25, pulling in more than $233 million in inflows and reaching about $890 million in net assets as of Sept. 17. The fund recorded a $112 million inflow on Sept. 8 and a $46.6 million day this week, reflecting strong demand for direct exposure to Zcash (ZEC). ZEC itself reached an intraday high of $1,521 this week, a level reported as a new effective all-time high for the privacy coin. ZCSH is the first spot ETF to hold Zcash directly, created from a conversion of Grayscale's older Zcash Trust, which already held roughly $313 million in ZEC at the time the ETF began trading on NYSE Arca. Zcash offers optional privacy via zk-SNARKs, cryptographic proofs that validate transactions without revealing sender, recipient, or amount, and it has a capped supply of 21 million coins. Grayscale has used share splits before for similar reasons, including a 9-for-1 split of its Ethereum Trust in December 2020 when rising prices pushed per-share levels higher.