Reached $890 Million in Less Than a Month: Zcash ETF to Undergo 3-for-1 Split

Grayscale’s Zcash ETF, ZCSH, is preparing for a 3-for-1 share split following net inflows exceeding $233 million.

Grayscale’s New York Stock Exchange-listed Zcash ETF, ZCSH, announced its share split plan less than a month after it began trading. According to the SEC filing, the split follows the rapid growth the fund has achieved in a short period.

Investors holding ZCSH shares at the market close on September 28 will receive two additional shares for every share they hold. The new shares will be distributed after the market close on September 29, and post-split trading will begin on September 30.

Total net inflows into the fund have surpassed $233 million since its launch on August 25. As of September 17, ZCSH’s net assets rose to approximately $890 million, while cumulative trading volume climbed above $11 billion. The share split will increase the number of shares held by investors but will not change the fund’s total economic value on its own.

Competition in Zcash Mining Reaches Record Levels

The fund’s growth coincided with a period where interest in the Zcash network increased alongside other indicators. Zcash’s ZEC token rose to as high as $1,521 early Friday; this level can be considered a new record.

According to Zcash Info data, the estimated solrate on the network—the total computing power of miners—increased by approximately 28%, rising from about 25 GSol/s at the end of August to nearly 32 GSol/s. Mining difficulty also hit a record, reaching around 291 million.

However, the addition of more computing power to the network means miners must share rewards in a more competitive environment. Consequently, estimated gross revenue for Bitmain’s Z15 Pro device fell below its late August levels, despite the rise in ZEC price.