Grayscale Investments has announced a 3-for-1 forward share split for its Zcash ETF (ZCSH), with new shares to be distributed on Sept. 29 and split-adjusted trading beginning Sept. 30, 2026. Shareholders of record at the close of trading on Sept. 28 will receive two additional shares for every share held.
The share split does not change the total value of an investment. Instead, it divides each share into smaller pieces. For example, 10 shares worth $300 each remain worth $3,000 total after the split becomes 30 shares worth $100 each.
Grayscale conducted the split in response to rapid price appreciation of Zcash (ZEC). The underlying asset has risen more than 2,800% over the past year, pushing individual ETF share prices beyond the reach of many retail investors. While crypto exchanges allow fractional token purchases, traditional stock brokers do not offer fractional share trading.
The ZCSH ETF has attracted significant investor interest since launching on Aug. 25. The fund has received inflows exceeding $233 million, reaching approximately $890 million in net assets as of Sept. 17. A single day saw $112 million in inflows on Sept. 8, with an additional $46.6 million day occurring this week.
ZCSH is the first spot exchange-traded fund to directly hold Zcash's token. It was created through the conversion of Grayscale's existing Zcash Trust, which held roughly $313 million in ZEC when trading began.
Zcash uses privacy-focused technology that allows users to choose whether transactions are public or private. The cryptocurrency operates with a capped supply of 21 million coins, similar to Bitcoin.
Grayscale has employed share splits previously for the same reason. The company completed a 9-for-1 split of its Ethereum Trust in December 2020 after ETH price appreciation made individual shares expensive for smaller investors.
