- The Zcash ETF (ZCSH) announced a 3-for-1 forward share split on 18 September, applying to shareholders of record at the market close on 28 September.
- Holders receive two additional shares after the 29 September close, with split-adjusted trading set to begin before the 30 September open under the same ZCSH ticker.
- Zcash traded near US$1,527 (AU$2,138) on Monday, up about 2,900% over the past year per CoinGecko, weeks after the fund’s late-August conversion from trust to spot ETF.
Grayscale’s Zcash ETF (ZCSH) will carry out a 3-for-1 forward share split at the end of September, its sponsor announced, giving shareholders two additional shares for every one they hold after a year-long surge in the privacy coin the fund tracks.
The split applies to shareholders of record at the market close on 28 September, with the additional shares distributed after the close on 29 September. Shares are expected to begin trading on a split-adjusted basis before the market opens on 30 September, and the fund will keep its ZCSH ticker and an unchanged CUSIP on NYSE Arca.
Each post-split share will represent about one-third of the pre-split net asset value per share. The announcement illustrated the effect with a hypothetical holder of 10 shares priced at US$300 (AU$420) each.
After the split, they would hold 30 shares at US$100 (AU$140), leaving the position’s value unchanged at US$3,000 (AU$4,200).
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ZEC’s 2,900% Year
Zcash (ZEC) traded at US$1,526.93 (AU$2,137.70), up 4.18% over 24 hours, in CoinGecko data captured early Monday UTC, and the provider puts the token’s one-year gain at about 2,900%. The rally has lifted ZEC’s market value to about US$25.9 billion (AU$36.3 billion), ninth-largest among cryptocurrencies.
ZEC posted a 90% monthly gain in May and later became the most-searched asset on Coinbase, with about 52,000 searches putting it ahead of XRP and Bitcoin.
Zcash holders also voted almost unanimously this month to cut block times to 25 seconds and keep the existing halving schedule under the network’s NU7 upgrade, in poll results published 14 September.
From Trust to ETF in a Month
ZCSH shares closed at US$117.72 (AU$164.81) on Friday, 18 September, according to Yahoo Finance data, up from a US$95.99 (AU$134.39) close on Monday, 14 September.
The split lands less than a month after the fund began trading on NYSE Arca in late August, when Grayscale converted the Grayscale Zcash Trust into a spot exchange-traded product billed as the first of its kind for a privacy coin.
Grayscale, founded in 2013, launched the first Bitcoin and Ethereum exchange-traded products in the United States, according to the announcement, and manages digital asset products spanning ETFs, private funds and diversified strategies.
The Zcash ETF is not registered under the Investment Company Act of 1940, the announcement noted, and does not carry the regulatory protections that apply to registered ETFs and mutual funds.
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