- Grayscale’s ZCash ETF (ZCSH) will execute a 3-for-1 forward share split on Sept. 28, according to a SEC filing.
- The split aims to lower the per-share price after ZEC surged roughly 2,800% over the past year.
- Paradigm co-founder Matt Huang disclosed a ZEC purchase, calling Zcash a “private complement to Bitcoin.”
- ZEC reached a new all-time high of $1,521 on Friday before pulling back slightly.
Grayscale’s Zcash ETF (ZCSH) plans a 3-for-1 forward share split, according to a filing with the US Securities and Exchange Commission. At the close of trading on Sept. 28, shareholders will receive two extra shares for each one they hold.
The forward split is expected to decrease the price per share with a proportionate increase in the number of shares outstanding. Grayscale explained that owning 10 shares valued at $300 each before the split would result in 30 shares valued at $100 each, leaving the total value unchanged.
Consequently, the split will make the ETF more accessible to investors after the token increased in value by roughly 2,800% over the last year. The price per unit was considered too high for many participants.
Meanwhile, Zcash (ZEC) gained about 20% over 24 hours after Paradigm co-founder Matt Huang disclosed the firm made an unspecified purchase of ZEC. Huang described Zcash as a “private complement to Bitcoin” and backed its developer fund.
ZEC climbed as high as $1,521 early Friday, marking a new effective all-time high, according to reports. The cryptocurrency enables shielded transactions that conceal addresses and amounts using zero-knowledge proofs.
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