#grayscalezcashetf净资产达10亿美元
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The Zcash ETF’s net assets have surpassed $1 billion.
The issuer is Grayscale.
It has only been listed for just over a month.
The key is the denominator.
Cumulative net inflows are only $306 million.
Less than 30% of total assets.
The rest is price appreciation.
Since it began trading on August 25, ZEC has risen from 768 to 1547.
On September 8, the parent company redeemed 85,705 coins to receive shares.
That was an in-kind exchange, not cash.
The amount of truly new money coming from outside is about $200 million.
The fund already held these coins originally.
Converting them into ETF shares is just a change of “shell.”
The management fee is 2.5%.
With net assets of $1 billion, the fund collects about $25 million per year.
On September 30, shares will be split at a ratio of 1 to 3.
That’s a share split, not a fresh round of subscriptions.
For crypto, net assets are being boosted by the price.
Demand has to be considered separately.
Only by seeing the denominator clearly can you understand this trend line.
Do you think privacy coins being packaged into an ETF is driven by demand—or is it just valuation? Let’s discuss in the comments section.
👉 加入社群领取策略
The Zcash ETF’s net assets have surpassed $1 billion.
The issuer is Grayscale.
It has only been listed for just over a month.
The key is the denominator.
Cumulative net inflows are only $306 million.
Less than 30% of total assets.
The rest is price appreciation.
Since it began trading on August 25, ZEC has risen from 768 to 1547.
On September 8, the parent company redeemed 85,705 coins to receive shares.
That was an in-kind exchange, not cash.
The amount of truly new money coming from outside is about $200 million.
The fund already held these coins originally.
Converting them into ETF shares is just a change of “shell.”
The management fee is 2.5%.
With net assets of $1 billion, the fund collects about $25 million per year.
On September 30, shares will be split at a ratio of 1 to 3.
That’s a share split, not a fresh round of subscriptions.
For crypto, net assets are being boosted by the price.
Demand has to be considered separately.
Only by seeing the denominator clearly can you understand this trend line.
Do you think privacy coins being packaged into an ETF is driven by demand—or is it just valuation? Let’s discuss in the comments section.
