Grayscale's spot Zcash ETF, which listed August 25, has reportedly surpassed $500 million in assets under management by mid-September. Paradigm founder Matt Huang disclosed ZEC holdings and an investment in the ZODL wallet, and Grayscale head of research Zach Pandl argued Zcash could reach 10% market share relative to Bitcoin within five years, the basis for the firm's much-quoted $8,100 target. Treat that number as a house view rather than a forecast. Arthur Hayes added to the noise by publicly asking whether he should buy the top.