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 the cryptocurrency’s circulating supply. The NYSE Arca-listed fund launched on August 25 and increased its holdings by 28.4%, with all of that growth coming through in-kind creations rather than open-market purchases. In-kind creation allows authorized participants to deposit ZEC in exchange for newly issued ETF shares. DCG International Investments Ltd., Grayscale’s parent company Digital Currency Group affiliate, supplied approximately 85,705 ZEC on September 8, valued at around $100 million at the time. ZCSH also recorded more than $70 million in inflows during its first two weeks, while additional weekly contributions of roughly $60.5 million helped place estimated assets under management between $876 million and $914 million by mid-September. One day recorded $46.6 million in inflows. ZCSH is the only listed spot exchange-traded product offering direct ZEC exposure on a U.S. exchange. It began with approximately $304 million in assets after converting from Grayscale’s existing Zcash Trust, meaning its assets have nearly tripled in under a month. Coinbase Custody is the fund’s custodian, and its expense ratio is 2.5%. Grayscale has also announced a 3-for-1 forward share split scheduled for September 28, 2026, which would reduce the per-share price and potentially improve accessibility for smaller investors. Zcash offers optional privacy: transactions can remain transparent, similar to Bitcoin, or use shielded transfers based on zero-knowledge proofs. With nearly 3.52% of circulating ZEC held in one fund, the structure creates a meaningful supply constraint for the market.