Grayscale Zcash Trust (ZEC) filings document the structure and operation of a sponsored trust that holds ZEC and has Section 12(g)-registered shares under the symbol ZCSH. The records cover trust agreements, sponsor and trustee roles, NAV and NAV-per-share valuation, the transition to the CoinDesk Zcash Benchmark Rate, and changes to constituent digital-asset trading platforms used in the index price.
Its SEC disclosures also cover consent solicitation and proxy matters, approved amendments to basket creation and redemption procedures, sponsor-fee mechanics, unregistered share issuances in private placements, authorized participant activity, sponsor governance changes, and risk-oriented disclosures about third-party market data, AML and KYC considerations, and public communications channels.
Zcash ETF (ZCSH) beneficial ownership amendment reports that individual Michal Adam Karminski beneficially owns 726,553 shares, or 3.313% of the class. He has sole voting power and sole dispositive power over 726,553 shares, with zero shared voting or dispositive power.
Zcash ETF became a party on September 29, 2026, to an amended custody agreement with Anchorage Digital Bank N.A.; effective October 5, 2026, Anchorage may serve as an additional custodian for the Trust’s ZEC. Coinbase Custody Trust Company, LLC remains the primary custodian, and the Sponsor decides how much ZEC is held with each custodian. The Sponsor intends to place a portion of the Trust’s ZEC with Anchorage, and fees to Anchorage are a Sponsor-paid Expense.
Anchorage is required to keep private keys in cold storage, although hot wallets may be used from time to time for transaction settlement and payment of Trust expenses. Its crime-insurance or fidelity-bond limits must be at least $100 million in aggregate, but coverage is shared across customers, is not specific to the Trust, and may not cover all losses. Custody interruptions, asset transfers, or a Zcash hard fork could disrupt creations and redemptions or result in losses.
The Zcash ETF (ZCSH) became a party to the Master Custody Service Agreement with Anchorage Digital Bank N.A. through its sponsor’s Sixth Amendment, entered into September 29, 2026. Anchorage Digital will custody a portion of the Trust’s ZEC; Coinbase Custody Trust Company, LLC remains the primary custodian, and its existing arrangement is unaffected.
The sponsor determines the amounts held with each custodian under the Trust Agreement. Fees paid to Anchorage Digital are a Sponsor-paid Expense. The agreement requires Anchorage Digital to maintain certain insurance, including commercial crime insurance or a fidelity bond with limits of not less than $100 million in the aggregate. Shareholders cannot be assured that the coverage will be adequate or cover losses involving the Trust’s ZEC.
The Zcash ETF completed a 3-for-1 forward share split on September 30, 2026, and its shares began trading on a split-adjusted basis that day. Immediately before the split, 7,989,300 shares were issued and outstanding, each with a net asset value (NAV) of $111.41. Immediately after, 23,967,900 shares were issued and outstanding, with a NAV of $37.14 per share.
The Fund stated that the split did not change the total value of a shareholder’s investment. The shares continue to trade on NYSE Arca under the symbol ZCSH.
Zcash ETF (ZCSH) shares: Michal Adam Karminski reported beneficial ownership of 680,019 shares, equal to 8.44% of the class. Karminski reported sole voting and dispositive power over 680,019 shares, with zero shared voting or dispositive power.
Zcash ETF (ZCSH) announced a 3-for-1 forward share split of its shares. The split applies to shareholders of record as of market close on September 28, 2026, is payable after market close on September 29, 2026, and is effective prior to the market open on September 30, 2026.
The split is expected to reduce the price per share while increasing the number of shares outstanding proportionately, so the total value of each shareholder’s investment remains the same. Each pre-split share will become three post-split shares, each representing approximately one-third of the prior NAV per share, and the ticker ZCSH and CUSIP will remain unchanged.
Zcash ETF (ZCSH) reported that assets under management have grown to more than $500 million roughly two weeks after its August 25, 2026 NYSE Arca launch, coinciding with the start of options trading on NYSE Arca that provides additional exchange-traded tools for ZEC exposure.
On September 8, 2026, DCG International Investments Ltd., an affiliate of the Fund’s sponsor, acquired ZCSH shares with an aggregate value of approximately $100 million through an Authorized Participant in exchange for 85,705.32563297 ZEC. The Fund also cited cumulative inflows of more than $70 million since launch, excluding the affiliate’s investment, and noted that its shares are economically the same as other Fund shares.
The Zcash ETF (ZCSH), formerly Grayscale Zcash Trust (ZEC), is a Delaware statutory trust that issues exchange-listed Shares representing fractional undivided beneficial interests in ZEC held by the trust. The Shares are approved for listing on NYSE Arca under the symbol ZCSH, transitioning from OTCQX.
The trust offers and redeems Shares continuously in Baskets of 10,000 Shares, primarily with Authorized Participants via in‑kind ZEC or cash orders, using a non‑GAAP Index Price from the CoinDesk Zcash Benchmark Rate to determine NAV for operational purposes. The objective is for Share value to track the value of ZEC held, less expenses, without leverage or derivatives.
As of June 30, 2026, the trust held about 2.3% of ZEC in circulation; historically the Shares have traded at substantial premiums and discounts to NAV, though listing and an arbitrage mechanism are expected to keep prices closer to NAV. Coinbase entities act as prime broker and custodian, holding ZEC largely in segregated cold storage, with insurance and Article 8 "financial asset" treatment, subject to contractual liability caps. The sponsor is in non‑binding discussions for a potential contribution of approximately 200,000 ZEC via a DCG affiliate. The product is not an Investment Company Act fund or a CFTC‑regulated commodity pool and is classified as an emerging growth company with reduced reporting requirements.
The Zcash ETF (ZCSH), a Delaware statutory trust formerly known as Grayscale Zcash Trust (ZEC), is registering an indeterminate number of Shares for continuous issuance on NYSE Arca, where each Share represents fractional beneficial ownership of ZEC held by the Trust. The Shares are created and redeemed in Baskets of 10,000 Shares, generally in exchange for ZEC or cash via Authorized Participants, with a Basket Amount tied to the Trust’s ZEC per Share and the Index Price. The investment objective is for the Share value to track the value of ZEC held, less expenses and liabilities, without leverage or derivatives. As of June 30, 2026, ZEC had a circulating supply of 16.7 million and a market value of $6.7 billion, and the Trust held about 2.3% of ZEC in circulation. The Shares have been approved for listing on NYSE Arca under the symbol ZCSH, after previously trading on OTCQX, where they historically traded at substantial premiums and discounts to NAV per Share.