Grayscale’s Zcash Trust conversion into the ZCSH spot ETF has left the fund holding 596,268.94 ZEC as of September 18, 2026, equivalent to roughly 3.52% of circulating supply. The NYSE Arca-listed fund launched on August 25 and increased its holdings by 28.4% through in-kind creations rather than open-market purchases. ZCSH also represented 32.5% of total spot crypto ETF trading volume, with much of that concentration driven by unusually heavy activity on September 16. The fund attracted more than $70 million in inflows during its first two weeks, while additional contributions helped place estimated assets under management between $876 million and $914 million by mid-September.