Grayscale’s Zcash spot exchange-traded fund, ZCSH, will carry out a 3-for-1 stock split.

Foreign media including Decrypt and The Block reported on Sept. 19 that existing ZCSH shareholders will receive two additional shares for each share they hold. Split-adjusted trading will begin on Sept. 30.

The split aims to lower the per-share price without changing the fund’s value, improving access for individual investors. Shareholders of record at the close on Sept. 28 will be eligible, and additional shares will be delivered after the close on Sept. 29. The ticker symbol ZCSH and the security identifier will remain unchanged.

The split follows sharp gains in Zcash and the ETF price. More than $233 million has flowed into ZCSH since it listed on Aug. 25. Inflows reached $112 million in a single day on Sept. 8, and $46.6 million also came in on one day last week. Net assets stood at about $890 million as of Sept. 17.

The product is the world’s first spot ETF to directly hold the Zcash token, ZEC. ZCSH launched by converting the existing Grayscale Zcash Trust, and already held about $313 million worth of ZEC when it listed on NYSE Arca.

ZEC prices have also risen sharply. It jumped to as high as $1,521 during intraday trading on Sept. 19, and its gain over the past year exceeded 2,800 percent.

Zcash is a privacy-focused cryptocurrency that lets users choose whether to disclose transaction details. It uses the cryptographic technique zk-SNARKs to prove the validity of payments without revealing the sender, the recipient or the amount transferred. Supply is capped at 21 million tokens, the same as bitcoin.

This structure also aligns with demand to access privacy coins within regulated markets. With the product packaged as an ETF that can be traded with a brokerage account, investors who do not hold a cryptocurrency wallet can also invest in ZEC. By contrast, compared with cases such as Monero (XMR), which was delisted from major exchanges after pressure from law enforcement agencies, Zcash is cited as a relatively regulation-friendly alternative.

This is not the first time Grayscale has pursued a stock split in line with sharp asset price gains. The company also applied a 9-for-1 split to its Ethereum Trust in December 2020. At the time, it chose the same approach to improve access for small investors as the per-share price rose following gains in ethereum. The ZCSH split is an extension of the same trend.