Grayscales Zcash ETF has scheduled a 3-for-1 forward share split for Sept. 30, with each shareholder receiving three post-split ZCSH shares for every share held before the adjustment.
Summary
- Grayscale plans a three-for-one ZCSH split, with split-adjusted trading scheduled to begin September 30, 2026.
- September 28 shareholders of record will receive two additional ZCSH shares for every share held.
- ZCSH closed at $117.72 on September 18 after rising sharply during the previous two sessions.
- Grayscale said ZCSH surpassed $500 million in assets within two weeks of its August launch.
- Zcash developers target November 5 for NU7 mainnet activation after an October 6 testnet upgrade.
The Sept. 18 filing says investors recorded as shareholders at the close of trading on Sept. 28 will qualify for the split. Two additional shares for each existing share will be distributed after the market closes on Sept. 29, with split-adjusted trading due to begin before NYSE Arca opens on Sept. 30.
JUST IN: Grayscales Zcash ETF plans a 3-for-1 share split less than a month after its NYSE debut.
The fund has already attracted $843 million in assets under management, marking rapid growth for the Zcash investment product since its launch. pic.twitter.com/LJtmPMYqRk
— crypto.news (@cryptodotnews) September 19, 2026
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Grayscale launches first Zcash ETF with direct ZEC exposure
Zcash ETF split triples shares without changing investment value
The SEC filing states that the split does not change the total economic value represented by an investors holding at the moment of adjustment. The number of shares will triple while the net asset value represented by each share will fall proportionately.
Grayscale said the post-split NAV per share is “expected to be approximately one-third”of its level immediately before the split, according to the funds release.
Under that structure, an investor holding 10 ZCSH shares would hold 30 after the split, assuming the position remains unchanged through the relevant dates. Shareholders receive two new shares for each existing share, not three extra shares on top of their original holding.
Neither the ticker nor the security identifier is scheduled to change. The filing says the fund will continue trading on NYSE Arca as ZCSH and retain the same CUSIP number after the split.
Grayscale has not described the forward split as a distribution of new investment returns. Its disclosure presents the event as a change in share structure, with more shares outstanding and a correspondingly lower price and NAV per share.
ZCSH assets grew rapidly after its August listing
Grayscale said ZCSH began trading on NYSE Arca on Aug. 25 after the former Grayscale Zcash Trust was converted into the exchange-traded product. An earlier SEC filing announced the planned listing and name change four days before trading began.
As crypto.news previously reported on the Zcash ETF launch, the conversion gave U.S. brokerage investors exchange-traded exposure to ZEC without requiring them to acquire and custody the cryptocurrency directly.
By Sept. 8, Grayscale reported that the funds assets under management had crossed $500 million, less than three weeks after its NYSE Arca debut. The sponsor said cumulative inflows since the exchange listing had surpassed $70 million at that point, excluding a separate affiliated transaction involving Digital Currency Group.
A Sept. 8 SEC disclosure shows DCG International Investments acquired approximately $100 million of ZCSH shares through an authorized participant in exchange for 85,705.32563297 ZEC.
Grayscale disclosed that DCG International is indirectly owned by Digital Currency Group, which is the indirect parent of the funds sponsor.
More recent figures reported by The Block put cumulative net inflows above $233 million since the Aug. 25 debut and net assets at roughly $890 million as of Sept. 17.
The same report placed cumulative ZCSH trading volume above $11 billion, citing fund-flow data available before Grayscale announced the split. The figures came from third-party reporting and were not included in Grayscales Sept. 18 SEC filing.
ZCSH price rose sharply before the split announcement
Market data from Stock Analysis shows ZCSH closed at $117.72 on Sept. 18, down 1.97% for the session. The fund had gained 16.01% on Sept. 17 after advancing 14.11% one day earlier.
ZCSH traded between $114.33 and $120.73 on Sept. 18, with just over one million shares changing hands. The price performance should not be treated as a direct reaction to the forward split because ZCSH tracks an underlying crypto asset that had already been moving sharply.
ZEC climbed above $1,500 during Sept. 18 trading before giving back part of the move. As crypto.news reported on ZECs recent rally, the token had risen sharply from August levels as institutional interest, positioning and network developments drew attention.
Paradigm co-founder Matt Huang disclosed the investment firms exposure to ZEC on Sept. 16, according to the same report. Huang described Zcash as a “private complement to Bitcoin,” while supporting continued developer funding.
The disclosure arrived during an existing ZEC rally, so the token‘s full price move cannot be attributed to Paradigm’s purchase.
Grayscales fund carries its own regulatory distinction. The company states that ZCSH is not an investment company registered under the Investment Company Act of 1940 and therefore does not receive the same regulatory protections that apply to registered ETFs and mutual funds.
Zcash NU7 timetable adds another dated event for ZEC
Zcash development teams have set an Oct. 6 testnet activation target for the NU7 network upgrade, according to the ecosystem timeline.
Developers currently target Nov. 5 for mainnet activation, subject to testing and a final mainnet decision scheduled for Oct. 20.
As crypto.news reported in its NU7 update, the planned upgrade would reduce Zcashs target block spacing from 75 seconds to 25 seconds.
The current package includes version 4 transaction deactivation and a Network Sustainability Mechanism configuration following recent governance polling.
Crypto.news reported on the Zcash holder vote, where nearly 2.4 million ZEC participated. Approximately 99.9% of participating ZEC supported reducing the block target to 25 seconds, while around 98.9% backed retaining the existing halving schedule.
The timetable still contains several conditions. Developers list Sept. 30 as the code-completion target, Oct. 6 for testnet activation and Oct. 20 for the final mainnet activation decision after reviewing testnet behavior. The Nov. 5 date therefore remains conditional on the technical review.
ZCSH shareholders face three split dates
For ZCSH holders, the SEC filing sets three separate dates. Sept. 28 is the record date, meaning shareholders recorded at the close of market qualify for the extra shares.
Sept. 29 is the payment date when the two additional shares per existing share are scheduled for distribution. Before trading begins on Sept. 30, the split becomes effective and ZCSH is scheduled to start trading on its adjusted share basis.
The SEC filing says NAV per share should be approximately one-third of its pre-split level, with the number of shares increasing proportionately and the ZCSH ticker remaining unchanged.