Zcash Surges Above $1,000 as Grayscale ETF Assets Hit $400 Million

Zcash has broken above $1,000 for the first time in years, pushing its price up over 100% in just one month. The move also boosted the assets of Grayscale's ZCSH ETF to over $400 million, less than two weeks after it debuted on the NYSE Arca. On September 4, ZEC reached an intraday high of $1,050.70, a 20% increase over 24 hours.

Grayscale's ZCSH inherited assets from the Grayscale Zcash Trust and has seen its ZEC holdings rise to 428,613, with shares outstanding increasing to 5.35 million. The rapid appreciation in ZEC accounts for much of the increase in ZCSH's assets, which surpassed $400 million on September 3.

The price surge came as Bitcoin reached $82,000 and Ethereum reclaimed $2,500, but Zcash's move was significantly larger. Approximately $40 million worth of ZEC shorts were liquidated in a single day, fueling the rally that had already gained momentum before the latest market-wide advance.