EL7.AI
CryptoMedium•24 October 2026•
3 min read

Grayscale Zcash Fund Assets Reach $686.2 Million on October 23

Key Facts

1ZCSH’s non-GAAP assets under management stood at $686,199,009 on October 23, 2026.
2ZCSH began trading on NYSE Arca on August 25, 2026.
3The fund’s assets topped $500 million on September 8, 2026, two weeks after its launch, including an investment of about $100 million from a DCG affiliate.
4The fund’s cumulative inflows topped $70 million in its first two weeks of trading as an exchange-traded product, in addition to DCG’s $100 million investment.

Grayscale’s Zcash-linked fund had $686.2 million in non-GAAP assets under management on October 23, 2026, according to the fund’s page, below $1 billion as an earlier draft had said. The exchange-traded product, ticker ZCSH, provides exposure to ZEC through the fund’s holdings and does not represent a direct investment in the cryptocurrency. The fund began trading on NYSE Arca on August 25, 2026, making the October 23 data about two months after its listing, not 30 days later. On September 8, two weeks after its launch, the fund said its assets had topped $500 million. Grayscale called that a "milestone" in the product’s growth during a short period of trading.

The increase reported in September included an investment of about $100 million from an investor affiliated with Digital Currency Group, along with cumulative inflows of more than $70 million during the fund’s first two weeks of trading as an exchange-traded product. Grayscale’s statement said the inflows came "in addition to the investor’s $100 million investment," distinguishing capital invested by the affiliate from flows recorded by the product in the market. The investor is DCG International Investments, an indirect, wholly owned subsidiary of Digital Currency Group. DCG is the fund sponsor’s indirect parent, according to a filing with the U.S. Securities and Exchange Commission. These components show that the fund’s assets topping $500 million after two weeks did not result from market inflows alone.

The fund’s page showed 21,067,900 shares outstanding on October 23, while its holdings reached 560,771.2934 ZEC. The figures provide a snapshot of the number of units outstanding and the cryptocurrency held by the fund on the same date that assets stood at $686,199,009. Zcash allows transparent or optionally private transactions, with the sender, recipient and transaction amount able to be shielded. Grayscale documents say the network remains verifiable at the same time. The company described financial privacy in its statement as an emerging investment theme, without attributing the fund’s asset growth to it alone.

Launched in 2016, Zcash combines features including proof of work and a supply cap of 21 million coins, according to Grayscale’s statement. The company’s quarterly report comparison shows ZEC’s price in its principal market was $399.44 on June 30, 2026, compared with $39.02 on June 30, 2025. On those same dates, the fund’s net assets at its principal accounting value were $155,251,816 and $15,324,274, respectively. The figures put the fund’s growth and the coin’s price in a context extending to before its August listing. They do not change the fact that the latest published asset figure, as of October 23, remained below $1 billion.

In the market, ZEC closed at $1,157.13 on October 24, compared with a close of $1,182.98 the previous day, according to EL7 data. The source did not link the daily move to flows into the ZCSH fund or identify a cause. Grayscale’s statement says the product is not registered under the Investment Company Act of 1940 and is therefore not subject to the same protections as funds registered under that act. That distinction remains even though the fund trades on an exchange and gives investors exposure to ZEC. The latest published data on its assets covered the period through October 23, 2026.