Grayscale’s Zcash ETF files for 3-for-1 forward share split
At the close of trading on Sept. 28, shareholders will receive two extra shares for each one they hold.
Grayscale’s Zcash ETF is set to execute a 3-for-1 forward share split, according to a filing with the US Securities and Exchange Commission. On Sept. 28 at market close, shareholders will receive two additional shares for each one they currently hold. This forward split aims to lower the price per share of the fund, while proportionately increasing the number of shares outstanding, according to a Grayscale press release.
The split is expected to make the ETF more accessible to investors, as Zcash has surged in value by approximately 2,800% over the past year, with its price per unit considered too high. If an investor owned 10 shares valued at $300 each before the split, they would then own 30 shares valued at $100 each after the split, keeping the total value unchanged at $3,000.
Zcash (ZEC), a cryptocurrency enabling private transactions through zero-knowledge proofs, has experienced a 20% increase over the last 24 hours, as Paradigm co-founder Matt Huang announced a significant purchase of ZEC. Huang referred to Zcash as a "private complement to Bitcoin" and supported its developer fund, emphasizing the importance of long-term funding as AI-driven cyber threats and quantum computing progress.
Zcash's ZEC token reached a new effective all-time high of $1,521 early Friday before slightly retracting.
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