Grayscale announced on September 18 that it will execute a 3-for-1 forward split of its Zcash ETF (ZCSH). Shareholders of record at the close of trading on September 28 will receive two additional shares for each share they own. The new shares will be distributed after market close on September 29, and split-adjusted trading is expected to begin before the opening bell on September 30. The split triples the number of shares outstanding while reducing the net asset value per share to roughly one-third of its pre-split level, leaving the total value of each holder’s position unchanged.
The split comes less than a month after ZCSH began trading on August 25 on NYSE Arca, following the conversion of Grayscale’s long-running Zcash Trust into an ETF. Coinbase Custody holds the fund’s ZEC, and the product carries a 2.5% annual fee. According to available data, cumulative net inflows had surpassed $233 million by mid-September, including more than $112 million on September 8 and $46.6 million on Wednesday. As of September 17, the fund held approximately $890 million in net assets and had generated more than $11 billion in cumulative trading volume. An analysis noted that much of the initial assets came from the existing trust, with roughly $70 million in fresh outside inflows and a $100 million allocation from DCG International Investments, part of Grayscale parent Digital Currency Group. By early September, the fund held more than 550,000 ZEC, close to 3% of the token’s total supply.
ZEC has rallied sharply in parallel. It traded near $50 a year ago, crossed $1,000 on September 4, and climbed above $1,500 on Friday, extending a move that many market participants describe as a new effective record. The ETF structure provides regulated exposure to Zcash, although the fund holds coins only in transparent Coinbase wallets, meaning the underlying positions can be checked on the public blockchain rather than using Zcash’s shielded privacy features.
Mining activity has also intensified. Zcash’s estimated network solution rate rose from around 25 GSol/s in late August to nearly 32 GSol/s, an increase of roughly 28%, while mining difficulty climbed to around 291 million and entered record territory. Higher ZEC prices have attracted more computing power, but rising difficulty has partially offset miner economics, with estimated gross revenue for Bitmain’s Z15 Pro falling below its late-August level.
