Key Takeaways
- • Grayscale's Zcash ETF (NASDAQ: ZCSH) crossed $1 billion in assets within its first 30 days of trading, according to Managing Director Krista Lynch, placing it among the top 1% of ETFs launched in the past decade by first-month asset gathering.
- • Part of the $1 billion figure reflects token-price appreciation and a related-party contribution of about $100 million of ZEC from a DCG-affiliated entity, not only fresh outside demand. Verified net inflows were just over $70 million in the first two weeks.
- • ZCSH's reported assets had fallen to roughly $767 million by October 7.
- • The five XRP ETFs tracked by SoSoValue held about $1.61 billion combined on October 7, led by Bitwise, Franklin and Canary, while Grayscale's XRP fund (GXRP) held just 5.8% of category assets.
- • GXRP's lagging position traces to heavy redemptions earlier in 2026, including $98.39 million withdrawn in a single session on January 30, according to Benzinga, rather than a lack of early investor interest.
Summary
Grayscale's Zcash ETF has drawn outsized attention relative to the broader crypto ETF category, even though spot XRP ETFs collectively hold far more capital. Speaking to The Starting Block at Token2049, Grayscale Managing Director Krista Lynch said the fund (NASDAQ: ZCSH) crossed $1 billion in assets within its first 30 days of trading, a result she placed among the top 1% of all ETFs launched over the past decade when ranked by first-month assets gathered.
The headline figure requires context. According to Grayscale's September 8 announcement, ZCSH had surpassed $500 million in assets with just over $70 million in net inflows during its first two weeks. A separate DCG-affiliated entity also contributed about $100 million of ZEC in exchange for fund shares, a related-party transaction. Because reported assets reflect total holdings, including token-price appreciation, the $1 billion figure overstates fresh outside demand. By October 7, ZCSH's reported assets had declined to roughly $767 million.
The XRP category is considerably larger. The five XRP funds tracked by SoSoValue held approximately $1.61 billion combined on October 7, with Bitwise (NYSE: XRP), Franklin (NYSE: XRPZ) and Canary (NASDAQ: XRPC) accounting for most of that total. Grayscale's XRP fund (GXRP) holds just 5.8% of category assets, a position the source attributes to earlier redemptions rather than weak early demand. Benzinga reported on January 30 that GXRP recorded $98.39 million in redemptions in a single session, pushing the entire XRP ETF category into net outflows that day. The source also cites Grayscale's SEC filing covering the first half of 2026 as evidence of the toll those redemptions took, though the specific filing figures were not available in the material reviewed.
The headline figure requires context. According to Grayscale's September 8 announcement, ZCSH had surpassed $500 million in assets with just over $70 million in net inflows during its first two weeks. A separate DCG-affiliated entity also contributed about $100 million of ZEC in exchange for fund shares, a related-party transaction. Because reported assets reflect total holdings, including token-price appreciation, the $1 billion figure overstates fresh outside demand. By October 7, ZCSH's reported assets had declined to roughly $767 million.
The XRP category is considerably larger. The five XRP funds tracked by SoSoValue held approximately $1.61 billion combined on October 7, with Bitwise (NYSE: XRP), Franklin (NYSE: XRPZ) and Canary (NASDAQ: XRPC) accounting for most of that total. Grayscale's XRP fund (GXRP) holds just 5.8% of category assets, a position the source attributes to earlier redemptions rather than weak early demand. Benzinga reported on January 30 that GXRP recorded $98.39 million in redemptions in a single session, pushing the entire XRP ETF category into net outflows that day. The source also cites Grayscale's SEC filing covering the first half of 2026 as evidence of the toll those redemptions took, though the specific filing figures were not available in the material reviewed.
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