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 end of trading on September 28, shareholders will receive two additional shares for each of them, according to the filing.
According to a grayscale, the forward split is expected to reduce the value per share of the fund Press releasewith a proportional increase in the number of outstanding shares.
Hypothetically, this means that if you owned 10 shares worth $300 for a total of $3,000 before the split, you would later own 30 shares worth $3,000 for an unconverted total of $100, the release said.
The split will make the ETF more accessible to investors, as the value of the token has increased by about 2,800% over the past year and the price per unit was considered too high.
Related: Zcash Targets November for NU7 Mainnet Upgrade with 25-Second Blocks
Cointelegraph reported on Thursday that Zcash (ZEC), a cryptocurrency that enable Users making secure transactions that hide addresses and transaction amounts using zero-knowledge proofs gained nearly 20% in 24 hours as Paradigm co-founder Matt Huang revealed the crypto investment firm made an unspecified purchase of ZEC.
Huang described ZCash as a “personal complement to Bitcoin” and supported its developer funding, arguing that long-term funding is as important as AI-driven cyber capabilities and quantum computing advances.
The Block ReportWhat would be considered a new effective all-time high, before falling back slightly.
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