Grayscale’s spot Zcash ETF, trading as ZCSH on NYSE Arca, has surpassed $914 million in net assets less than a month after launch. The fund held $304 million to $313 million immediately after converting from the legacy Grayscale Zcash Trust on August 25, 2026. Growth reflected cumulative net inflows of $233 million to $271 million by mid-September and a ZEC rally above $1,500, with intraday highs near $1,600. Holdings rose about 28% to 596,269 ZEC by September 18, entirely through in-kind creations, including roughly 85,705 ZEC from DCG International Investments Ltd., the parent company of Grayscale Investments. ZCSH now controls about 3.5% of Zcash’s total supply. The first US-listed product offering direct spot exposure to Zcash recorded more than $11 billion in trading volume shortly after launch, charges a 2.5% expense ratio and uses Coinbase Custody for safekeeping. Grayscale carried out a 3-for-1 forward share split on September 30 after weeks of appreciation. Zcash uses zero-knowledge proofs, a cryptographic method that enables shielded transactions without publicly revealing the sender, receiver or amount. A 21Shares European Zcash ETP launched on September 21-22, 2026, while ZEC on-chain activity and futures open interest also increased, with open interest reaching September records. The DCG-affiliated deposit represents a meaningful portion of total inflows, making external organic demand lower than the headline figure suggests, although more than $100 million in outside capital remains. The 2.5% fee could create competitive pressure as the 21Shares product shows rivals are entering the market.