Grayscale's Zcash ETF, trading under the ticker ZCSH on NYSE Arca, has accumulated $914.53 million in net assets since its debut on August 25, according to SoSoValue data. The fund is now approximately $85 million away from reaching $1 billion in assets.
The rapid expansion has coincided with Zcash's value roughly doubling since the product began trading. ZEC traded around $1,540 on September 19, compared to its price when ZCSH launched. ZCSH added more than $400 million in assets between early September and mid-September, when the fund had crossed $500 million just two weeks after listing.
The rally has extended into derivatives markets. CoinGlass data showed ZEC futures open interest climbing to an all-time high of approximately $3.5 billion in the week of September 19, while futures trading volume crossed $10 billion for the first time since early June. This buildup reflects traders committing substantially more leveraged capital to ZEC as its spot price rises.
The price advance has occurred alongside significant decisions regarding Zcash's monetary policy and network upgrades. Zcash holders voted this month to retain the network's Bitcoin-style halving schedule rather than transitioning to a smoother issuance system, with approximately 2.4 million ZEC participating in the advisory vote. Participants also favored delaying the reissuance of tokens accumulated through the Network Sustainability Mechanism until 2031.
Holders separately backed reducing block times to 25 seconds from 75 seconds under the planned NU7 upgrade and supported advancing NU7 as quickly as possible while excluding features that fail to meet a September 30 implementation-readiness deadline.
Grayscale announced a 3-for-1 forward split on September 18, scheduled to take effect after market close on September 29. Shareholders of record at the close of trading on September 28 will receive two additional shares for every share held, with split-adjusted trading expected to begin on September 30. The transaction will not change the aggregate value of an investor's position.
The fund's asset base reflects both new investor inflows and gains in the underlying ZEC holdings. ZCSH's $914.53 million asset base is more than three times its cumulative net inflows of $270.95 million, with the difference attributable to appreciation in the cryptocurrency holdings.
