Grayscale Zcash ETF to conduct 3-for-1 share split

Key facts

• Grayscale's Zcash ETF (ZCSH) will perform a 3-for-1 forward share split.
• New shares will be distributed on September 29, with split-adjusted trading starting September 30, 2026.
• Investors have added more than $233 million to ZCSH since its launch on August 25.
• The fund's net assets reached approximately $890 million as of September 17.
• Zcash (ZEC) reached an intraday high of $1,521 on Friday, a new "effective" all-time high.
• Grayscale previously split its Ethereum Trust shares 9-for-1 in December 2020.

Grayscale's Zcash ETF (ZCSH) is set to undergo a 3-for-1 forward share split to make its shares more accessible to retail investors, according to a filing with the U.S. Securities and Exchange Commission. The split is a response to the rapid price appreciation of Zcash (ZEC), which has made individual ETF shares expensive for smaller investors.

Shareholders of record at the close of trading on September 28 will receive two additional shares for every one they hold. The new shares are expected to be paid out after market close on September 29, with split-adjusted trading commencing before the market opens on September 30, under the same ticker ZCSH. A forward split does not alter the total value of an investment; it simply divides each share into smaller pieces. For example, 10 shares worth $300 each would become 30 shares worth $100 each, maintaining the total investment value.

The ZCSH ETF has experienced significant investor interest since its launch on August 25, attracting over $233 million in inflows. As of September 17, its net assets stood at approximately $890 million. Zcash (ZEC) itself hit an intraday high of $1,521 on Friday, a level described as a new "effective" all-time high for the privacy-focused cryptocurrency. The coin's price has risen more than 2,800% in the past year, driven by concerns over the traceability of digital money. Grayscale has previously implemented similar share splits for its Ethereum Trust in December 2020 due to the rising price of Ether.