TLDR
- Zcash climbed as high as $1,521 after gaining about 2,800% over the past year.
- Grayscale’s Zcash ETF plans a 3-for-1 share split, with split-adjusted trading starting Sept. 30.
- ZCSH has attracted more than $233 million in cumulative inflows since its Aug. 25 launch.
- The fund held nearly $890 million in net assets and more than $11 billion in cumulative trading volume.
- Trader Ardi said retail, mid-sized and institutional-sized buyers are now purchasing ZEC at the same time.
Zcash (ZEC) remained near record levels after climbing as high as $1,521, while activity around Grayscale’s Zcash ETF continued to increase.
The privacy-focused cryptocurrency has risen about 2,800% over the past year. Its latest move has brought both token demand and ETF activity into focus.
Grayscale has now filed for a 3-for-1 forward share split of its Zcash ETF, which trades under the ticker ZCSH.
At the close of trading on Sept. 28, shareholders will become entitled to two extra shares for every share already held.
The new shares are scheduled to be distributed after the market closes on Sept. 29. Split-adjusted trading is expected to begin Sept. 30.
Zcash ETF attracts $233 million in inflows
The split will reduce the ETF’s price per share while increasing the number of shares outstanding by the same proportion.
$ZEC is today's top trending token after Grayscale's Zcash ETF recently filed for a 3-for-1 share split following $233M in inflows since its launch. pic.twitter.com/KSr07dAroi
— CoinGecko (@coingecko) September 20, 2026
For example, 10 shares worth $300 each would become 30 shares worth about $100 each. The overall value of the holding would remain unchanged.
ZCSH has attracted more than $233 million in cumulative inflows since launching on Aug. 25.
The fund recorded a $46.6 million inflow on Wednesday and more than $112 million on Sept. 8.
As of Sept. 17, the ETF held close to $890 million in net assets and had generated more than $11 billion in cumulative trading volume.
Zcash has also attracted fresh interest after Paradigm co-founder Matt Huang disclosed that the investment firm had purchased an unspecified amount of ZEC.
Buyers return across several groups
Trader Ardi highlighted changes in ZEC buying activity in a post on X.
People keep wondering how the $ZEC move continues extending after every pullback.
The latest participant data makes it pretty obvious why.
Mid-sized CVD, representing trades between $10K and $100K, is still printing new highs.
Retail-sized trades below $10K and… https://t.co/aJRqmi0zsU pic.twitter.com/9xiDAfwMKC
— Ardi (@ArdiNSC) September 19, 2026
Ardi said mid-sized traders making transactions between $10,000 and $100,000 continued to push cumulative volume delta higher.
He added that retail-sized trades below $10,000 and larger transactions between $100,000 and $10 million were now buying alongside them. Earlier in the rally, mid-sized participants had been carrying much of the move.
Mining activity has also increased. Zcash network solrate rose from around 25 GSol/s in late August to just under 32 GSol/s, while mining difficulty reached about 291 million.
The latest data leaves ZEC near its recent $1,521 peak as ETF inflows, broader buying activity and higher mining participation continue alongside the price rally.
