Grayscale's Zcash ETF Prepares for 3-for-1 Split Amid $233M Inflow Surge

Grayscale's Zcash ETF has announced plans for a 3-for-1 share split, following a significant surge in inflows of over $233 million. The split will take place at market close on September 28, with new shares distributed after market close on September 29 and adjusted trading beginning on September 30.

The fund's rapid growth has been driven by investor interest, with cumulative trading volume exceeding $11 billion as of September 17 and net assets reaching around $890 million. This influx of capital comes as the native ZEC token has reached a new effective all-time high, climbing to over $1,521.

The increased demand for Zcash has also led to a significant increase in network hashrate, with estimated solrate rising by nearly 28% since late August to just under 32 GSol/s. However, the added competition is starting to weigh on revenue generated by mining machines, with Bitmain's Z15 Pro seeing its gross revenue decline despite the price rally.