Zcash ETF (ZCSH) Announces 3-for-1 Forward Share Split

What Happened
Grayscale Investments Sponsors, LLC (the Sponsor) filed an 8-K on September 18, 2026 announcing a 3-for-1 forward share split of The Zcash ETF (the Fund, ticker: ZCSH). Shareholders of record as of the close of market on September 28, 2026 (Record Date) will receive two additional shares for each share held; the additional shares will be distributed after the close of market on September 29, 2026 (Payment Date) and the split will be effective prior to market open on September 30, 2026 (Effective Date). The Fund will continue to trade under the symbol ZCSH and its CUSIP will remain unchanged. A press release is attached as Exhibit 99.1 to the filing.

Key Details

• Sponsor: Grayscale Investments Sponsors, LLC; filing date: September 18, 2026.
• Split ratio: 3-for-1 (holders receive two additional shares per share held).
• Record Date: September 28, 2026; Payment Date: September 29, 2026; Effective Date (trading): September 30, 2026.
• NAV per share is expected to be approximately one-third immediately after the split; total value per holder should be proportionate to pre-split value.

Why It Matters
A forward split increases the number of shares outstanding and reduces the price per share proportionately, but does not change an investor’s proportional ownership or the Fund’s total net asset value. For retail investors, the split may make individual share purchases appear more affordable and could affect intra-day trading liquidity and bid/ask quoting. The ticker and CUSIP remain the same, so positions should update automatically in brokerage accounts for shareholders of record on the specified date.