Grayscale’s ZCSH ETF increases Zcash holdings by 28% to 596,269 ZEC

Less than a month after converting its legacy Zcash Trust into a full-blown spot ETF, Grayscale now controls nearly 600,000 ZEC. That’s roughly 3.52% of the entire circulating supply of a coin explicitly designed so nobody could track who holds what. The fund, trading under ticker ZCSH on NYSE Arca, held 596,268.94 ZEC as of September 18, 2026. That figure represents a 28.4% increase from the holdings it started with when the ETF launched on August 25. The kicker: none of that growth came from Grayscale buying coins on the open market. How in-kind transfers inflated the fund The entire 28% jump was driven by in-kind creations, a mechanism where authorized participants deposit actual ZEC into the fund in exchange for newly issued ETF shares. The single largest contributor was DCG International Investments Ltd., which deposited approximately 85,705 ZEC on September 8, valued at around $100 million at the time. DCG, of course, is the parent company of Grayscale, making this less of a vote of confidence from the outside and more of a reshuffling within the family. Still, the numbers are hard to dismiss entirely. ZCSH pulled in over $70 million in inflows during its first two weeks of t...