Grayscale’s Zcash ETF Completes 3-for-1 Forward Share Split

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• The Zcash ETF (ZCSH), built by Grayscale, completed a 3-for-1 forward share split effective September 30, 2026, before the NYSE Arca market open
• Shares outstanding rose from 7,989,300 to 23,967,900, while net asset value per share fell from $111.41 to $37.14, leaving total shareholder value unchanged
• The fund continues trading under the same ticker, ZCSH, and the same CUSIP number on NYSE Arca

Grayscale disclosed in a Form 8-K filed with the Securities and Exchange Commission on September 30, 2026, and in a same-day release on GlobeNewswire, that the Zcash ETF has completed a 3-for-1 forward split of its shares, effective prior to the opening of trading on NYSE Arca.

Under the split, every shareholder of record as of September 28, 2026 received three post-split shares for each pre-split share they held, with the additional shares distributed after market close on September 29. The fund’s outstanding share count rose from 7,989,300 to 23,967,900, while net asset value per share fell proportionally, from $111.41 to $37.14. Grayscale’s filing illustrated the mechanics with a simple example: ten pre-split shares worth $300 apiece, for a total of $3,000, became thirty post-split shares worth $100 apiece, still totaling $3,000.

The fund continues trading under its existing ticker, ZCSH, and its CUSIP number is unchanged, meaning the split is purely a cosmetic adjustment to share count and per-share price rather than any change to the fund’s underlying zcash holdings or investment strategy. Grayscale noted the fund’s assets under management had exceeded $500 million as of earlier in September, a threshold that often prompts sponsors to consider a forward split simply to keep the per-share price in a range more typical of actively traded exchange-traded products.

Forward splits like this one are a routine corporate action for exchange-traded funds once a high per-share price accumulates, and they carry no economic consequence for existing holders beyond a lower headline price and a proportionally larger number of shares. The filing included the standard battery of risk disclosures Grayscale attaches to its crypto-linked products, warning that “an investment in the Fund is not suitable for all investors” given the heightened volatility associated with digital assets.

The split lands amid a broader wave of share adjustments across the crypto ETF landscape this year, as sponsors including BlackRock and 21Shares have each moved to split or reverse-split various crypto-linked funds to keep per-share prices aligned with where they trade best for retail order flow. A lower, more granular share price can make a fund more accessible to smaller investors and easier to trade in whole-share increments, even though it changes nothing about the fund’s total value or its underlying exposure to the zcash price.