The filing states that shareholders will receive two additional shares for each share they hold at the close of trading on September 28.
In a press release, Grayscale said the split is expected to lower the fund’s per-share price while proportionally increasing the number of shares outstanding.
The company illustrated this with a hypothetical example: an investor holding 10 shares priced at $300 each, worth a total of $3,000 before the split, would hold 30 shares priced at $100 each afterward. The total value of the holding would remain unchanged at $3,000.
The split will make the ETF more accessible to investors, as the token has risen approximately 2,800% over the past year and the fund’s per-share price was considered too high.
Related: Zcash targets a November NU7 mainnet upgrade with 25-second blocks
On Thursday, Cointelegraph reported that Zcash (ZEC) had gained approximately 20% in 24 hours after Paradigm co-founder Matt Huang disclosed that the crypto investment firm had purchased an undisclosed amount of ZEC. Zcash enables shielded transactions that conceal addresses and transaction amounts using zero-knowledge proofs.
Huang described Zcash as a “private complement to Bitcoin” and also backed the project’s developer fund.
According to The Block, ZEC reached $1,521 early on Friday, which could be considered a new de facto all-time high. The price then pulled back slightly.
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