Grayscale Zcash ETF Nears $1 Billion as ZEC Doubles in Value

Grayscale’s Zcash exchange‑traded fund (ETF) is less than $85 million away from the $1 billion asset milestone, driven by a sharp rally in the underlying Zcash (ZEC) token.

Asset growth and inflows

According to SoSoValue data, the fund (ticker ZCSH on NYSE Arca) now holds $914.53 million in net assets and has recorded $270.95 million in cumulative net inflows since its debut on August 25. The ETF added more than $400 million in assets after September 8, when it first crossed the $500 million mark.

ZEC price surge fuels the fund

CryptoSlate reported ZEC trading around $1,540 on September 19, roughly twice its price when ZCSH began trading. The rally has spilled into derivatives markets, with CoinGlass data showing ZEC futures open interest reaching an all‑time high of about $3.5 billion and weekly futures volume exceeding $10 billion for the first time since early June.

Network governance and upcoming upgrade

In the same period, Zcash holders voted on several protocol decisions. Approximately 2.4 million ZEC (about two‑thirds of eligible supply) supported keeping the Bitcoin‑style halving schedule, delaying the re‑issuance of tokens from the Network Sustainability Mechanism until 2031, and reducing block times to 25 seconds in the planned NU7 upgrade. These votes are advisory and still require technical implementation.

Share split to lower per‑share price

Grayscale announced a 3‑for‑1 forward split on September 18. Shareholders of record at the close of trading on September 28 will receive two additional shares for each share held, with split‑adjusted trading expected on September 30. The split reduces the net asset value per share to roughly one‑third of its pre‑split level without altering the total value of an investor’s position.

Outlook

If inflows continue and ZEC maintains its recent gains, the ETF could surpass the $1 billion threshold before the September 30 deadline for NU7 implementation readiness. However, the record level of derivatives exposure means a sharp reversal in ZEC price could quickly affect the fund’s asset value.