Grayscale’s spot Zcash exchange-traded fund, ZCSH, has crossed $1 billion in assets under management less than a month after its launch, marking a rapid milestone for the firm’s Zcash-focused product. The fund officially passed the threshold on September 24, 2026, after launching on August 25, 2026, when Grayscale converted its long-held Zcash Trust into an ETF structure.
The $1 billion AUM figure, however, does not mean $1 billion of fresh investor capital. Cumulative net inflows into ZCSH reached $306.12 million, representing less than one-third of the reported assets. A substantial portion of the fund’s value reflects ZEC holdings carried over from Grayscale’s earlier trust and the token’s sharp price appreciation. ZEC traded at $1,533 after gaining 92% over the past 30 days, roughly doubling since ZCSH began trading.
Grayscale has also filed for a second product, the ZCSH High Income ETF, targeting high-income strategies for crypto investors. The filing was announced in late September and does not include a specific launch date. The product remains unlisted and will require regulatory approval before trading can begin.
In parallel, Europe launched its first physically backed Zcash exchange-traded product through 21Shares, adding another regulated investment vehicle tied to ZEC. Broader crypto ETF flows were also positive for the week ended September 24: Bitcoin ETFs drew $2.25 billion, Ethereum ETFs recorded $602.94 million, Solana ETFs attracted $101.55 million, XRP ETFs brought in $52.95 million, and Hyperliquid ETFs recorded $6.02 million.
The new ZCSH High Income ETF is designed to offer exposure to income-generating assets within the crypto space, potentially attracting yield-seeking institutional and retail investors. Regulatory approval remains the critical next step, and traders are watching for updates from regulators and any launch timeline, which could drive further market reactions.
