Grayscale's spot Zcash ETF has crossed $914 million in net assets less than a month after launching on NYSE Arca, a roughly threefold jump from the $304 to $313 million it held right after converting from the Grayscale Zcash Trust. The fund, ticker ZCSH, now controls about 3.5% of Zcash's total supply, with growth split between fresh inflows and a sharp rise in the ZEC price.
Grayscale's spot Zcash ETF has crossed $914 million in net assets, less than a month after launching on NYSE Arca. That marks 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.
Inflows and a price surge drove the jump
The growth came from two directions at once. Cumulative net inflows landed between $233 million and $271 million by mid-September. ZEC's price, meanwhile, climbed above $1,500, with intraday highs brushing $1,600.
Trading under the ticker ZCSH, the fund 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. At current holdings, ZCSH controls about 3.5% of Zcash's total supply. Trading volume exceeded $11 billion shortly after the ETF went live.
DCG's own deposit inflated part of the growth
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 deposit is a related-party capital injection rather than a third-party endorsement. Even after stripping out that contribution, the fund still shows well over $100 million in outside capital.
Coinbase custody handles the safekeeping of the fund's ZEC holdings, and the fund carries a 2.5% expense ratio. On September 30, Grayscale executed a 3-for-1 forward share split to bring the per-share price down after weeks of appreciation.
Privacy coins are drawing more regulated products
Zcash uses zero-knowledge proofs to enable shielded transactions, letting users 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, and futures open interest hit record levels during September. The 2.5% expense ratio could become a competitive pressure point. Separately, the 21Shares ETP in Europe shows that competitors are already circling.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
