灰度在ZEC上涨2800%后申请1拆3股票分割

Crypto ETF and Investment News: Privacy coins are emerging on Wall Street

Privacy coins are setting off a craze on Wall Street, and related documentation work is beginning to reflect this trend. Grayscale filed an application with the U.S. Securities and Exchange Commission (SEC) on September 19 to implement a 3-in-1 forward share split for its Zcash (ZEC) ETF, which is traded on the NYSE Arca exchange under the symbol ZCSH.

Since it began trading on August 25, the fund has accumulated net assets of approximately US$890 million, attracting more than US$233 million in net inflows during this period. Its largest single-day inflow occurred on September 8, when $112 million poured into the fund.

ZEC's rise has caused ZCSH's share price to be too high

Zcash's price has increased by more than 2,800% in the past year. The surge has pushed the price of single-share ZCSH to levels that are unaffordable for many retail investors through standard brokerage accounts. Although cryptocurrency exchanges allow users to purchase fragmented shares of tokens, most brokerage platforms do not offer fractional share purchase services. Forward-share splits are the only mechanism to reduce the price per share without changing the value of existing shareholders.

Grayscale used the same tool in December 2020. It implemented a 9-in-1 share split of its Ethereum trust fund after soaring ETH prices caused a similar situation in the share price of the fund. For ZCSH, the logic is exactly the same.

Under the terms of the application filed on September 19, shareholders on the books as of the close of September 28 will receive two additional shares for every share they hold. New shares will be distributed after the close of trading on September 29. Split adjusted trading will begin before the market opens on September 30. Throughout the process, the fund will retain its ZCSH trading code and existing CUSIP numbers.

This split will not change the total value of any investor's positions. Grayscale's own example clearly illustrates this point: the original position of 10 shares worth $300 per share, totaling $3,000, has become 30 shares worth $100 per share, still totaling $3,000. After adjustment, net assets per share are expected to immediately fall to about one-third of their pre-split levels.

Paradigm buys ZEC, privacy coin hits new high

ZCSH was not launched as a new fund, but was transformed from Grayscale's existing Zcash trust. At the time of the transition to an ETF structure, the trust already held approximately $313 million worth of ZEC. This gives the fund a meaningful asset base from the first trading day.

On September 19, ZEC hit an intraday high of US$1,521. The Block describes this level as the new effective historical high for the currency. Paradym co-founder Matt Huang disclosed that he purchased the unnamed ZEC on September 18, describing it as a "private supplement to Bitcoin." Huang also said he supports Zcash's development funds, believing that continued financial support is crucial as AI-driven cyber threats and quantum computing technology continue to advance.

Zcash allows users to choose between transparent transactions and blocked transactions. Its privacy mechanism relies on zk-SNARKs, a cryptographic method that proves the validity of transactions without revealing the sender, recipient or amount. Like Bitcoin (BTC), ZEC's maximum supply is fixed at 21 million pieces. This combination of auditability and optional privacy allows it to remain on major exchanges, in sharp contrast to Monero (XMR), which was removed from multiple platforms due to pressure from law enforcement agencies.