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Grayscale Zcash Trust (ZEC)ZCSH, with the trust to be renamed Grayscale Zcash Trust ETF. The trust holds Zcash (ZEC) and seeks for its share value, based on ZEC per share, to track the value of ZEC as measured by the CoinDesk Zcash Price Index (ZCX), minus expenses and liabilities.
Shares are issued and redeemed only in blocks of 10,000 shares called Baskets, via authorized participants using cash orders facilitated by independent liquidity providers; in-kind creations and redemptions may become possible only if NYSE Arca obtains additional regulatory approval. As of September 30, 2025, the trust’s Principal Market NAV was $29,756,987 (or $6.18 per share) and its non-GAAP NAV was $29,891,134 (or $6.21 per share). The trust held approximately 2.4% of ZEC in circulation as of that date.
The filing highlights that ZEC and the shares have experienced significant historical volatility, with prior trading on OTCQX at substantial premiums and discounts to NAV per share, and notes that an arbitrage mechanism via creations and redemptions is intended to keep NYSE Arca trading closer to NAV. Key risks include extreme volatility in digital asset markets, regulatory uncertainty around digital assets and trading platforms, potential illiquidity or operational issues at service providers, and the possibility that the shares may again trade materially above or below NAV.
ZCSH: A Form 144 notice indicates an intended sale of 1,000 common shares through Capital Institutional Services, Inc., with an aggregate market value of $47,250.00. The filing lists the approximate sale date as 11/06/2025 and the trading venue as OTCQX.
The table shows 4,829,300 shares outstanding. The securities to be sold were acquired on 07/11/2018 in a privately negotiated transaction from the issuer, with cash as consideration. This notice reflects an intention to sell in compliance with Rule 144 requirements.
ZCSH: A shareholder filed a Form 144 notice to sell 9,753 shares of common stock. The planned sale lists Canaccord Genuity Inc. as broker and targets the OTCQX, with an approximate sale date of 11/05/2025. The filing cites an aggregate market value of $407,312.59 and 4,829,300 shares outstanding.
The shares were originally acquired on 10/24/2017 in a privately negotiated transaction purchased from the issuer for cash. The notice also reports a prior sale in the last three months by Silbert Family Investments LLC of 1,897 shares on 07/25/2025 for gross proceeds of $6,919.00.
Grayscale Zcash Trust (ZCSH) reported Q3 results, reflecting higher ZEC prices and modest share creations. Net assets rose to $29.8 million as of September 30, 2025, with Principal Market NAV per Share $6.18 and 4,811,500 Shares outstanding. The Trust held 394,550.34866028 ZEC at a fair value of $75.42 per ZEC (Coinbase, 4:00 p.m. ET).
Q3 operations showed a $14.2 million increase in net assets from operations, driven by a $14.3 million net realized and unrealized gain, partially offset by a $108 thousand Sponsor’s Fee. Total return for the quarter was 91.93%. The annual Sponsor’s Fee is 2.5%, payable in ZEC, contributing to the slight decline in ZEC per Share over time. The Trust does not operate a redemption program. Subsequent to quarter-end, the sponsor structure was reorganized on October 22, 2025, and ZEC fair value was $383.42 per ZEC as of October 31, 2025.
Grayscale Zcash Trust (ZCSH)
DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, elected a board of directors for Grayscale Investments consisting of Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee. The company stated it does not expect the reorganization to have any material impact on the Trust’s operations. All involved entities remain consolidated subsidiaries of Digital Currency Group, Inc.
Grayscale Zcash Trust (ZCSH)Matthew Kummell stepped down from its Board of Directors and Simon Koster was appointed to the Board.
Koster is the Chief Strategy Officer at Digital Currency Group (DCG). His background includes leading DCG’s investment team and prior executive roles in real estate. He also serves on the boards of Foundry, Luno, Fortitude, and Yuma, each affiliated with Grayscale.
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