Grayscale's Zcash ETF, ZCSH, reached $1 billion in assets under management on Sept. 24, less than a month after it began trading on Aug. 25. Cumulative net inflows totaled $306.12 million, meaning most of the fund's asset value reflected the appreciation of ZEC holdings rather than newly invested cash. ZCSH was converted from the Grayscale Zcash Trust, which had held ZEC since 2017, and the token's price roughly doubled after the ETF began trading. ZEC traded at $1,533 at press time, up 92% over 30 days. The milestone coincided with 21Shares' launch in Europe of the first physically backed Zcash ETP and broad inflows into crypto exchange-traded funds, led by $2.25 billion for Bitcoin products and $602.94 million for Ethereum products during the week ending Sept. 24.