Grayscale's Zcash ETF Tops $1B AUM; Net New Money Still Under 30%

Grayscale's Zcash ETF (ZCSH) has climbed to $1 billion in net asset value, while cumulative net inflows total $306.12 million—less than 30% of assets—according to Bitcoin.com cited by ChainCatcher. ZCSH began trading on NYSE Arca on August 25 and crossed $500 million in assets within two weeks. The product was renamed from the Grayscale Zcash Trust, launched in October 2017, which held ZEC at the time it listed as an ETF. ZEC has roughly doubled since the ETF's debut, helping lift the fund's asset base. Grayscale's parent, DCG International Investments, swapped 85,705.32563297 ZEC for about $100 million worth of ZCSH shares. Excluding that noncash exchange, external new capital is estimated at roughly $200 million. Grayscale said it will execute a 3-for-1 forward split before the market opens on September 30, for shareholders of record as of the close on September 28. Following the split, NAV per share is expected to fall to about one-third of the prior level while the share count triples, leaving the total dollar value of holdings unchanged.