Zcash ETF Reaches $1 Billion as Grayscale Expands With New Fund Filing

• Grayscale’s ZCSH reached $1 billion in AUM less than a month after launch, with $306.12 million in cumulative net inflows.
• ZEC’s 92% monthly gain increased the dollar value of existing holdings, contributing significantly to the ETF’s $1 billion AUM.
• Grayscale filed for a ZCSH High Income ETF, adding another Zcash-focused product that still requires regulatory approval.

Grayscale’s Zcash ETF has reached $1 billion in assets, while its new ZCSH High Income ETF filing adds another product. The Zcash fund crossed the mark on September 24, less than a month after launch. However, only $306.12 million represented cumulative net inflows, leaving much of AUM tied to existing ZEC holdings and price gains.

ZCSH Reaches $1 Billion

Grayscale converted the Zcash Trust into the ZCSH ETF after holding ZEC since 2017. Those holdings moved into the ETF structure when the fund launched on August 25. The fund passed $500 million in AUM within two weeks, then doubled that figure in about 16 days. 

However, the $1 billion figure does not represent $1 billion in new investor money. Instead, cumulative net inflows reached $306.12 million. That amount accounts for less than one-third of the fund’s reported AUM.

The remaining value also reflects ZEC’s price increase and holdings carried over from the earlier trust. According to the supplied data, ZEC has roughly doubled since ZCSH began trading.

ZEC Price Adds to Fund Value

ZEC traded at $1,533 after gaining 92% over the past 30 days. As its price rose, the dollar value of ZEC already held by the fund also increased. Therefore, the ETF’s AUM could rise without matching purchases from new investors. 

Existing ZEC holdings provided part of the value behind the $1 billion figure. Meanwhile, Europe launched its first physically backed Zcash ETP through 21Shares. The development came alongside the rise in ZEC and growth in ZCSH assets.

Grayscale Files Another ETF

Grayscale also filed for the ZCSH High Income ETF, according to the company. The filing targets a high-income strategy and does not include a specific launch date. The product remains unlisted, with no trading volume reported. 

https://twitter.com/Grayscale/status/2103604187913498821?s=20

Regulatory approval remains necessary before the ETF can begin trading. Elsewhere, crypto ETFs recorded inflows during the week ended September 24. Bitcoin ETFs drew $2.25 billion, while Ethereum ETFs recorded $602.94 million.

XRP ETFs brought in $52.95 million, Solana ETFs attracted $101.55 million, and Hyperliquid ETFs recorded $6.02 million. Those figures cover the broader ETF market that week.