Company
Digital Currency Group is a crypto conglomerate whose holdings include Grayscale Investments, Foundry, and other digital-asset businesses.
Fortitude Mining sold 5,790 borrowed ZEC for about $8.3 million to fund its Zcash mining expansion. Repayment is in dollars, so no buyback is due, and its 9,000 rigs would add about 25% to network hash rate at nameplate.
Reality
Grayscale's ZCSH, the first US spot Zcash ETF, lost $93.56 million to outflows in one week, leaving $212.56 million of net inflows since its August launch. Its assets fell further, to about $751 million from a September peak as high as $979 million, with ZEC's price accounting for much of the drop.
Perspective Coverage
3 publishersReality
Grayscale will cut ZCSH's NAV per share to a third on Sept. 30. The coin behind the fund went from about $42 a year ago to an intraday $1,521 on Friday, and by one analysis $100 million of the fund's inflow came from a unit of its parent.
Perspective Coverage
5 publishersReality
The undrawn $31 million of Fortitude's enlarged facility is to be taken in ZEC, putting part of the cost of capital on the same price as the revenue, ahead of a planned Nasdaq listing. The original line cost 11 percent.
Reality
Grayscale's ZCSH holds 596,269 ZEC, roughly 3.52% of circulating supply, after in-kind creations lifted its coin count by 28.4%. Assets nearly tripled over the same weeks, and most of that came from ZEC's price.
Reality
The Z15 Pro earns roughly four times the best Bitcoin rig per megawatt-hour, but Zcash issues about 43,800 coins a month however much electricity arrives, and hashrate is growing faster than the price.
Reality
The ZCSH conversion is expected to list on NYSE Arca on or about August 25. Perpetual open interest nearly doubled into the date, and the filing's own seed disclosure implies about $550 a coin.
Reality
The Zcash Trust is being restructured for a NYSE Arca listing under ZCSH, with a DCG affiliate in non-binding talks to hand over 200,000 ZEC as seed.
Reality