Grayscales Zcash ETF (ZCSH) plans a 3-for-1 forward share split, according to a filing with the US Securities and Exchange Commission.
At the close of trading on Sept. 28, shareholders will receive two extra shares for each one they hold, according to the filing.
The forward split is expected to decrease the price per share of the fund, according to a Grayscale press release, with a proportionate increase in the number of shares outstanding.
Hypothetically, this means that if you owned 10 shares valued at $300 each for a total $3,000 before the split, afterward you will own 30 shares valued at $100 each for an unchanged total of $3,000, the release said.
The split will make the ETF more accessible to investors, as the token has increased in value by about 2,800% over the last year and the price per unit was considered too high.
Cointelegraph reported on Thursday that Zcash (ZEC), a cryptocurrency that enables users to make shielded transactions that conceal addresses and transaction amounts using zero-knowledge proofs, had gained about 20% over 24 hours as Paradigm co-founder Matt Huang disclosed that the crypto investment firm made an unspecified purchase of ZEC.
Huang described Zcash as a “private complement to Bitcoin” and also backed its developer fund, arguing that long-term funding remains important as AI-driven cyber capabilities and quantum computing advance.
Zcashs ZEC token climbed as high as $1,521 early Friday, The Block reported, in what would be considered a new effective all-time high, before falling back slightly.