Institutional holdings
Markets
CYPH and ZCSH — the two public ZEC vehicles. Holdings, live value, and mNAV.
Total institutional ZEC
879,451.15 ZEC
Combined value (live)
$1.04B
% of circulating supply
5.18%
Holdings vs ZEC price
CYPH reported buys · ZCSH SEC filings through Aug 24, then Grayscale daily after the NYSE Arca listing
CYPH ZEC
ZCSH ZEC
ZEC/USD
Loading price history…
zecmetrics.ioZEC/USD daily close · Default 1y
Cypherpunk HoldingsCYPH · NASDAQActive buyer
mNAV
1.91×
EV ÷ NAV · cypherpunk.com def.
CYPH price
$2.73
+4.21%
Yahoo last
Market cap
$686.84M
price × (common + pref. warrants)
Nasdaq / common only
~$294.20M
Nasdaq summary Market Cap field · basic common
Enterprise value
$803.57M
Debt $0 · price × (common + pref + ITM warrants + ITM awards) + (Debt - pro-forma net cash)
Fully diluted shares
355.13M
cypherpunk.com fullyDilutedShares
ZEC held
323,394.38 ZEC
Total invested
$110.55M
Current value
$381.94M
Avg cost basis
$341.84
Unrealized P&L
+$271.39M (+245.5%)
Target progress
38.73% of 5% goal
1.90% of circulating supply
Purchase history
| Date | ZEC purchased | USD invested | Avg price | Notes |
|---|---|---|---|---|
| 2025-11-12 | 203,775.27 | $50.00M | $245.37 | Initial acquisition |
| 2025-11-18 | 29,869.29 | $18.00M | $602.63 | Second tranche |
| 2025-12-30 | 56,418.09 | $29.00M | $514.02 | Third tranche |
| 2026-01-01 | 4,680.43 | $2.00M | $427.31 | Fourth tranche (via Gemini, Jan–Mar 11) |
| 2026-04-15 | 9,163.32 | $2.15M | $234.63 | Fifth tranche |
| 2026-05-13 | 10,279.3 | $5.00M | $486.41 | Sixth tranche |
| 2026-06-17 | 6,846.37 | $3.40M | $496.61 | Open-market (dashboard, fetched 20 Aug 2026) |
| 2026-08-12 | 2,362.31 | $1.00M | $420.97 | Open-market (dashboard, fetched 20 Aug 2026) |
CYPH price is live from Yahoo Finance and refreshes while this page is open. Headline market cap is Yahoo price × cypherpunk.com common + pre-funded warrants (251,590,486). Enterprise value is Yahoo price × the dashboard EV share basis (common + pref + ITM warrants + ITM awards) plus debt. mNAV is enterprise value ÷ NAV (ZEC mark-to-market + investments at cost), matching cypherpunk.com. Nasdaq / common-only is the Nasdaq summary Market Cap field (basic common), not the headline. Share counts refresh from the cypherpunk.com dashboard financials when available. Purchase history is sourced from press releases plus the Cypherpunk dashboard (open-market tranches fetched 20 Aug 2026).
The Zcash ETFZCSH · NYSE ArcaETF
Premium / Discount to NAV +2.5%
(share price ÷ official NAV per share) − 1
Market price
$31.45
+1.91%
Yahoo last
NAV per share
$30.69
as of Oct 14, 2026
AUM
$656.61M
share price × shares
ZEC held
556,056.77 ZEC
as of Oct 14, 2026 · Grayscale daily · 3.27% of circulating
ZEC per share
0.02663375
as of Oct 14, 2026
Shares outstanding
20,877,900
as of Oct 14, 2026
Expense ratio
2.50%
Current ZEC value
$656.73M
holdings × ZEC/USD
The Zcash ETF (ZCSH) is listed on NYSE Arca. Creations and redemptions are processed through authorized participants. Holdings, NAV, and ZEC per share come from Grayscale’s daily file. AUM is live share price × latest shares outstanding. Market price is a live Yahoo quote. Latest holdings as of Oct 14, 2026. Verify at etfs.grayscale.com/zcsh. The Jun 30 2026 10-Q is historical only.