Grayscale’s Zcash exchange‑traded fund has accumulated $914.53 million in net assets and $270.95 million in cumulative inflows, positioning it within $85 million of a $1 billion milestone less than a month after its market debut. The fund, listed on NYSE Arca under the ticker ZCSH, began trading on Aug. 25 and has added more than $400 million in assets since Sept. 8, when it first crossed the $500 million threshold. The growth coincides with a roughly 100 % increase in Zcash’s spot price, which reached about $1,540 on Sept. 19, doubling its level at the fund’s launch. The price surge has spurred heightened activity in derivatives markets, with Zcash futures open interest climbing to an all‑time high of roughly $3.5 billion and trading volume surpassing $10 billion for the first time since early June. Record exposure in these instruments raises the potential for rapid reversals if the rally falters. Concurrently, Zcash holders participated in an advisory vote that retained the network’s Bitcoin‑style halving schedule and delayed the reissuance of tokens from the Network Sustainability Mechanism until 2031, preserving the token’s 21 million supply cap. Voters also supported reducing block times to 25 seconds from 75 seconds under the planned NU7 upgrade, with implementation targeted before a Sept. 30 readiness deadline. These decisions remain advisory and will be shaped by developers. Grayscale announced a 3‑for‑1 forward split for ZCSH on Sept. 18, tripling the number of shares outstanding while lowering each share’s net asset value to roughly one‑third of its pre‑split level; the split will take effect after the market close on Sept. 29, with adjusted trading expected to start on Sept. 30. The fund’s asset base now exceeds three times its cumulative inflows, reflecting both price gains and new investor creations. Continued inflows and sustained token strength could push the ETF past the $1 billion mark before the NU7 deadline, though record derivatives exposure means any sharp price decline would quickly erode the fund’s backing value.