Institutional holdings
Markets
CYPH and ZCSH — the two public ZEC vehicles. Holdings, live value, and mNAV.
Total institutional ZEC
888,484.99 ZEC
Combined value (live)
$1.34B
% of circulating supply
5.25%
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
1.71×
EV ÷ NAV · cypherpunk.com def.
CYPH price
$3.07
+25.82%
Yahoo last
Market cap
$711.70M
price × (common + pref. warrants)
Nasdaq / common only
~$330.84M
Nasdaq summary Market Cap field · basic common
Enterprise value
$903.65M
Debt $0 · price × (common + pref + ITM warrants + ITM awards) + (Debt - pro-forma net cash)
Fully diluted shares
333.34M
cypherpunk.com fullyDilutedShares
ZEC held
323,394.38 ZEC
Total invested
$110.55M
Current value
$489.21M
Avg cost basis
$341.84
Unrealized P&L
+$378.66M (+342.5%)
Target progress
38.73% of 5% goal
1.91% 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 (231,822,928). 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 +0.6%
(share price ÷ official NAV per share) − 1
Market price
$120.09
+16.01%
Yahoo last
NAV per share
$119.40
as of Sep 17, 2026
AUM
$847.75M
share price × shares
ZEC held
565,090.61 ZEC
as of Sep 17, 2026 · Grayscale daily · 3.34% of circulating
ZEC per share
0.0800491
as of Sep 17, 2026
Shares outstanding
7,059,300
as of Sep 17, 2026
Expense ratio
2.50%
Current ZEC value
$854.84M
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 Sep 17, 2026. Verify at etfs.grayscale.com/zcsh. The Jun 30 2026 10-Q is historical only.