Grayscale’s Zcash ETF (ZCSH) had reached $1 billion in net assets as of September 24, with cumulative net inflows of $306.12 million, or less than 30% of the total. According to Odaily, the fund began trading on NYSE Arca on August 25 and surpassed $500 million in size within two weeks.

ZCSH was renamed from Grayscale Zcash Trust, which was established in October 2017 and already held ZEC when it listed. ZEC’s price has roughly doubled since the ETF’s launch, helping lift the fund’s assets. On September 8, Grayscale parent DCG International Investments exchanged 85,705.32563297 ZEC for about $100 million in ZCSH shares; excluding that non-cash transaction, external new capital was about $200 million.

Grayscale will carry out a 3-for-1 forward split before the market opens on September 30, and holders of record at the close on September 28 will be eligible. After the split, the net asset value per share is expected to fall to about one-third, while the number of shares will triple and the dollar value of holdings will remain unchanged.