Grayscale Zcash ETF Announces 3‑for‑1 Split After $233 Million Inflows

Grayscale Investments filed with the SEC to split its Zcash exchange‑traded fund (ticker ZCSH) on a 3‑for‑1 basis. Existing shareholders will receive two additional shares for each share they own at market close on September 28, with the new shares issued after the close on September 29 and split‑adjusted trading beginning on September 30.

Strong inflows since launch

Since the fund began trading on August 25, investors have contributed more than $233 million. Notable single‑day inflows include $46.6 million on a Wednesday and over $112 million on September 8.

Fund size and trading activity

As of September 17, ZCSH held roughly $890 million in net assets and had generated over $11 billion in cumulative trading volume.

Zcash price rally

The underlying Zcash token (ZEC) rose to about $1,521 early on Friday, marking a new effective all‑time high.

Mining network impact

The price surge attracted additional mining power to the Zcash network. The estimated solrate, a proxy for network hashrate, increased from around 25 GSol/s in late August to just under 32 GSol/s—a rise of nearly 28%. Mining difficulty also climbed to approximately 291 million, a record level. The heightened competition has begun to reduce per‑machine revenue, with Bitmain’s Z15 Pro model seeing gross revenue dip below its late‑August level despite the higher ZEC price.