Investors in Grayscale's Zcash ETF will receive two additional shares for every share held after trading closes on Sept. 28. The 3 for 1 share split follows $233 million in net inflows since the fund began trading less than a month ago. Garrett Jin, the largest ZEC short, closed a 38,000 ZEC position worth $58.5 million to realize a $35.44 million loss.

The split is intended to lower the entry point for buyers and improve liquidity for the spot crypto fund. Jin maintains a spot position of 202,078 ZEC on-chain, currently valued at $309.25 million with an unrealized profit of $221 million. Zcash emerged as a top trending token on CoinGecko following the filing.