Grayscale’s Zcash ETF surpasses $915M in assets as ZEC price nearly doubles since launch
The first US-listed spot Zcash ETF has attracted over $270 million in net inflows and now holds roughly 3.5% of ZEC's total supply.
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 the ETF went live.
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The fund carries a 2.5% expense ratio. Coinbase Custody handles the safekeeping of ZEC holdings. On September 30, Grayscale executed a 3-for-1 forward share split to bring the per-share price down after weeks of appreciation.
Why privacy coins are having a moment
Zcash uses zero-knowledge proofs to enable shielded transactions, meaning users can transact without revealing sender, receiver, or amount details on the public blockchain.
Shortly after Grayscale’s launch, 21Shares introduced a European Zcash ETP on September 21-22, 2026, giving investors outside the US another regulated on-ramp.
On-chain activity for ZEC has risen alongside the ETF interest. Futures open interest hit record levels during September.
What the $1B milestone means for the broader landscape
The DCG-affiliated in-kind contribution of roughly 85,705 ZEC accounts for a meaningful slice of total inflows, so organic external demand may be somewhat lower than the headline number suggests. Stripping out the related-party deposit still leaves well over $100 million in outside capital.
The 2.5% expense ratio could become a competitive pressure point. The 21Shares ETP in Europe shows that competitors are already circling.