A 3-for-1 split sounds bigger than it actually is. Grayscale’s Zcash ETF ( $ZEC ) will split 3-for-1, with split-adjusted trading starting September 30. Holders will get two additional shares for every one they own. The important part: this doesn’t create extra value. The number of shares goes up while the value per share falls proportionally. What catches my attention is the demand behind it. $ZEC has already attracted more than $233M in net inflows since launching in August, while ZEC has been making a serious move. For me, the split is less interesting than what the ETF demand says about growing institutional access to Zcash.