Grayscale’s Zcash ETF surpasses $915M in assets as ZEC price nearly doubles since launch

Less than a month after launching on NYSE Arca, Grayscale’s spot Zcash ETF has crossed $914 million in net assets. That’s a roughly threefold increase from the $304 to $313 million the fund held immediately after converting from the legacy Grayscale Zcash Trust on August 25, 2026. The growth came from two directions at once: cumulative net inflows landing between $233 million and $271 million by mid-September, and a ZEC price surge that saw the token climb above $1,500, with intraday highs brushing $1,600. Inside the fund’s rapid expansion Trading under the ticker ZCSH, the ETF is the first US-listed product offering direct spot exposure to Zcash. Its ZEC holdings grew by approximately 28% to 596,269 ZEC as of September 18, 2026, entirely through in-kind creations rather than cash purchases. The single largest deposit came from DCG International Investments Ltd., which contributed roughly 85,705 ZEC in kind. DCG is the parent company of Grayscale Investments, so the contribution is less a ringing third-party endorsement and more a related-party capital injection. At current holdings, ZCSH controls about 3.5% of Zcash’s total supply. Trading volume exceeded $11 billion shortly after...