Grayscale’s Zcash Fund Assets Reach $686.2 Million on October 23
Key Facts
Assets under management on a non-GAAP basis for the Grayscale Zcash ETF reached about $686.2 million on October 23, 2026, according to the fund’s page. The product, which trades under the ticker ZCSH, began trading on NYSE Arca on August 25, so the figure reflects its position about two months after listing. The page showed that shares outstanding reached 21,067,900, while the fund held 560,771.2934 ZEC. The fund gives investors exposure to the currency through its shares, while the investment vehicle holds ZEC. The latest figure is below the $1 billion cited in earlier headlines about the fund’s assets.
On September 8, Grayscale said the fund’s assets had topped $500 million two weeks after trading began. The company said that level combined an investment of about $100 million from DCG International Investments Ltd. with cumulative inflows of more than $70 million during the first two weeks as a publicly traded product. A U.S. Securities and Exchange Commission filing said DCG received shares worth about $100 million in total in exchange for 85,705.32563297 ZEC. Grayscale described the inflows as coming “in addition to the investor’s $100 million investment,” distinguishing the amount invested from the inflows recorded by the product. DCG International Investments is an indirect, wholly owned subsidiary of Digital Currency Group, the fund sponsor’s indirect parent company.
Net asset value per share was also $32.57, compared with a market price of $32.59, as the market price rose 0.52% that day. Daily trading volume was 1,581,298 shares, while the management fee was 2.50%. These figures reflect trading activity and pricing for the fund’s shares, as well as the cost of managing it. The management fee and share-price movement do not represent a guaranteed return for holders.
Zcash uses proof of work, has a supply cap of 21 million coins and allows optional privacy for transactions, according to Grayscale. The company says the network combines familiar features of cryptocurrencies with the ability to protect transaction details, while letting users choose their level of privacy. In a report dated September 29, Grayscale said ZEC’s price had risen from about $60 per token a year earlier to about $1,500 at the time of the report, and said the coin had room to increase its market share. That background provides context for investor interest in the currency and the product tracking it, but remains an estimate from Grayscale. The fund’s report also showed that ZEC’s price in its primary market was $399.44 on June 30, 2026, compared with $39.02 on June 30, 2025; net assets based on the primary market value were $155,251,816 and $15,324,274 on those respective dates.
In the latest trading, ZEC closed at $1,182.98 on October 23 and then at $1,208 on October 24, according to EL7 data. For the fund’s shares, the market price was $32.59 on October 23, above net asset value of $32.57 per share, with a positive daily change of 0.52%. The data do not attribute ZEC’s daily move to fund inflows, nor do they identify its cause. Buying a ZCSH share remains an investment in the fund’s shares, not direct ownership of the ZEC units it holds. The fund is not registered as an investment company under the Investment Company Act of 1940 and is not regulated by that law, according to its filing.
Among anticipated developments for the network, developers are targeting activation of the NU7 upgrade on November 5, 2026, according to a registration filing with the U.S. Securities and Exchange Commission. The proposal calls for reducing the target block time from 75 seconds to 25 seconds, as well as disabling fourth-generation transactions. The proposed upgrade includes a network sustainability mechanism that temporarily allocates about 60% of transaction fees outside circulation, then returns them through block rewards starting in February 2031. These changes remain proposals in the filing and are not guaranteed to be implemented. The date and proposed changes place upcoming network developments among the factors the market may track alongside fund data.