灰度Zcash ETF实施1拆3股份拆分

Grayscale Zcash ETF announced the implementation of a 3-to-1 share split, effective on September 30.

Grayscale's Zcash ETF (code: ZCSH) has planned to carry out a 3-to-1 forward share split on September 30, 2026. After this adjustment, each shareholder will receive three split ZCSH shares for each share held before the adjustment.

Core Points:

• Grayscale plans to split ZCSH in 3 to 1, and the adjusted transaction will begin on September 30, 2026.
• Shareholders registered as of the close of September 28 will receive two additional ZCSH shares for every share they hold.
• ZCSH closed at US$117.72 on September 18, after a sharp rise in shares in the previous two trading days.
• Grayscale said that the ETF has exceeded US$500 million in assets under management within two weeks of its launch in August.
• The Zcash developer team aims to activate the NU7 main network on November 5 after the test network upgrade on October 6.

Splitting Details and Timing

According to documents filed on September 18, registered investors as of the close of business on September 28 are eligible for the split. The additional two shares will be distributed after the market closes on September 29, while split adjusted trading is expected to begin before the opening of NYSE Arca on September 30.

It is worth noting that the split occurred less than a month after the ETF was listed on the New York Stock Exchange. The fund's total assets under management have reached US$843 million, marking the rapid growth of Zcash investment products since its launch.

The split does not affect the value of the investment

The U.S. Securities and Exchange Commission (SEC) filing states that the split will not change the total economic value of the positions held by investors at the time of adjustment. The number of shares will triple, but the net asset value (NAV) represented per share will fall proportionately.

Grayscale said in its announcement that the post-split NAV per share is "expected to be approximately one-third of pre-split levels." Under this structure, assuming that positions remain unchanged during the relevant date, investors holding 10 shares of ZCSH will hold 30 shares after the split. It should be emphasized that shareholders will receive two new shares for every existing stock they hold, rather than adding three additional shares to their original positions.

There are no planned changes to the ticker symbol and security identifier. After the split, the fund will continue to trade as ZCSH on NYSE Arca and retain the same CUSIP number, the documents said. Grayscale did not describe its previous contribution to the split as a distribution of new investment income, but disclosed it as a change in the share structure, with an increase in the number of shares outstanding and a corresponding decrease in the price and net value per share.

ZCSH assets grow rapidly

Grayscale 表示，前 Grayscale Zcash Trust 转换为交易所交易产品后，ZCSH 于 8 月 25 日开始在 NYSE Arca 交易。此前的 SEC 文件在交易开始前四天宣布了计划的上市和更名。

此次转换使美国经纪商投资者能够以交易所交易的方式接触 ZEC，而无需直接购买和保管加密货币。截至 9 月 8 日，Grayscale 报告称，该基金的管理资产已超过 5 亿美元，距离其在 NYSE Arca debut 不到三周时间。当时赞助商表示，自交易所上市以来的累计流入量已超过 7000 万美元（不包括涉及 Digital Currency Group 的单独关联交易）。

一份 9 月 8 日的 SEC 披露显示，DCG International Investments 通过授权参与者收购了约 1 亿美元的 ZCSH 股票，交换条件是 85,705.32563297 枚 ZEC。Grayscale 披露 DCG International 由 Digital Currency Group 间接拥有，而后者是该基金赞助商的间接母公司。

据后续报道，自 8 月 25 日上市以来，ZCSH 的累计净流入量已超过 2.33 亿美元，截至 9 月 17 日净资产约为 8.9 亿美元。同一报告显示，在 Grayscale 宣布拆分之前可用的资金流数据显示，ZCSH 的累计交易量超过 110 亿美元。这些数字来自第三方报告，未包含在 Grayscale 9 月 18 日的 SEC 文件中。

拆分公布前 ZCSH 股价大幅上涨

Stock Analysis 的市场数据显示，ZCSH 在 9 月 18 日收于 117.72 美元，当日下跌 1.97%。该基金在 9 月 17 日上涨了 16.01%，而在前一天则上涨了 14.11%。9 月 18 日，ZCSH 的交易区间为 114.33 至 120.73 美元，换手率超过一百万股。

由于 ZCSH 追踪的基础加密资产此前已出现剧烈波动，因此其价格表现不应被视为对前向拆分的直接反应。在 9 月 18 日的交易中，ZEC 一度攀升至 1,500 美元以上，随后回吐部分涨幅。随着机构兴趣、定位和网络发展受到关注，该代币自 8 月以来大幅上涨。

据报道，Paradigm 联合创始人 Matt Huang 于 9 月 16 日披露了其投资机构对 ZEC 的敞口。Huang 将 Zcash 描述为比特币的“隐私补充”，并支持持续的开发人员资助。尽管这一披露恰逢 ZEC 反弹期间，但该代币的全额价格变动不能归因于 Paradigm 的购买行为。

Grayscale 的基金具有独特的监管地位。该公司声明 ZCSH 不是根据《1940 年投资公司法》注册的投资公司，因此不享受适用于注册 ETF 和共同基金的相同监管保护。

Zcash NU7 时间表为 ZEC 增添另一关键节点

根据生态系统的时间表，Zcash 开发团队已将 NU7 网络升级的测试网激活目标设定为 10 月 6 日。开发者目前目标是在 10 月 20 日进行测试并最终决定主网激活后，于 11 月 5 日激活主网。

据报道，计划的升级会将 Zcash 的目标区块间隔从 75 秒减少到 25 秒。当前版本包包括第 4 版交易的停用以及基于近期治理投票的网络可持续性机制配置。

在 Zcash 持有人投票中，近 240 万枚 ZEC 参与投票。约 99.9% 的参与 ZEC 支持将区块目标减少至 25 秒，而约 98.9% 支持保留现有的减半计划。时间表仍包含若干条件。开发者列出 9 月 30 日为代码完成目标，10 月 6 日为测试网激活，10 月 20 日为审查测试网行为后的最终主网激活决策。因此，11 月 5 日的日期取决于技术审查结果。

ZCSH 股东面临三个关键日期

对于 ZCSH 持有者而言，SEC 文件设定了三个单独的日期：

• 9 月 28 日（记录日）： 在市场收盘时登记的股东有资格获得额外股份。
• 9 月 29 日（支付日）： 每股现有股票的两股额外股份预计在此日分发。
• 9 月 30 日（生效日）：Before the transaction begins, the split takes effect and ZCSH is expected to begin trading on an adjusted share basis.

The SEC filing states that the NAV per share should be approximately one-third of the pre-split level, with the number of shares increasing proportionately, and the ZCSH ticker symbol remaining unchanged.