Grayscale Investments has announced a 3-for-1 forward share split for its Zcash ETF, trading under the ticker ZCSH. Shareholders of record by the close of trading on September 28 will receive two additional shares for every share held. The distribution of new shares is scheduled for September 29, with split-adjusted trading beginning on September 30, 2026.
The decision follows a significant rally in the price of Zcash, which has increased by more than 2,800% over the past year. Grayscale aims to lower the price per individual share to improve accessibility for retail investors, as brokerage accounts typically do not support fractional stock purchases. The net asset value per share is expected to decrease to approximately one-third of its pre-split value.
Since its launch on August 25, the ZCSH fund has attracted over $233 million in inflows. As of September 17, the fund's net assets reached approximately $890 million. The ETF, which holds the ZEC token directly, originated from the conversion of the Grayscale Zcash Trust, which previously held $313 million in assets.
The Zcash token utilizes zk-SNARKs cryptography to offer optional transaction privacy. Its supply is limited to 21 million coins. Grayscale previously employed a similar strategy in December 2020, when it executed a 9-for-1 split for its Ethereum Trust to accommodate smaller investors following a period of rapid price appreciation.
