Grayscale Zcash Trust (ZEC) SEC Filings

Grayscale Zcash Trust (ZEC), a Delaware statutory trust, is registering an indeterminate number of Shares for continuous issuance and intends to list them on NYSE Arca under the symbol “ZCSH.” Upon effectiveness and listing, the sponsor plans to rename it Grayscale Zcash ETF.

The Trust’s objective is for the value of the Shares to reflect the value of Zcash (ZEC) it holds, by reference to the CoinDesk Zcash Benchmark Rate Index Price at 4:00 p.m. New York time, less expenses and liabilities. Shares are issued and redeemed only in 10,000‑Share Baskets via Authorized Participants through in‑kind ZEC transfers or Cash Orders, using a prime broker and custodian structure centered on Coinbase entities.

As of June 30, 2026, Zcash had 16.7 million ZEC in circulation and a market value of $6.7 billion, with the Trust holding about 2.3% of circulating ZEC. Historically, Shares quoted on OTCQX traded at substantial premiums and discounts to NAV per Share; the sponsor expects NYSE Arca listing and the arbitrage mechanism to help align market price and NAV.

The Trust is not registered under the Investment Company Act and is treated as an emerging growth company, with reduced reporting requirements. Extensive risk disclosures highlight digital‑asset price volatility, privacy‑coin specific technical risks, index methodology changes, reliance on third‑party service providers, and evolving global regulation of ZEC and digital assets.

Grayscale Zcash Trust (ZEC), through its sponsor Grayscale Investments Sponsors, LLC, announced leadership changes in its finance function. Effective July 2, 2026, Senior Vice Presidents of Finance Kathryn Masci and Daniel Plourde are appointed interim Co-Chief Financial Officers of the sponsor.

Masci is also joining the sponsor’s Board of Managers and becomes the registrant’s Principal Financial and Accounting Officer. They succeed Edward McGee, who is stepping down as Chief Financial Officer, Principal Financial and Accounting Officer and board member for personal reasons, with no disagreements cited regarding Grayscale’s operations, policies or practices.

The filing highlights Masci’s audit, accounting and reporting background and Plourde’s more than 20 years of treasury, fund administration and financial planning experience, indicating continuity of experienced financial leadership at the sponsor overseeing the trust.

Grayscale Zcash Trust (ZEC) reports a sharp drop in value as ZEC prices fell during the quarter. Net assets declined to $99.4M at March 31, 2026 from $200.4M, while Principal Market NAV per share fell from $41.51 to $20.59, a 50.40% negative total return.

The Trust held 391,103.88769118 ZEC, valued at $254.27 per ZEC, supporting 4,829,300 shares outstanding. A $0.72M Sponsor’s Fee was the only ordinary expense, reflecting the fixed 2.5% annual fee on net assets. The Trust continues to operate without a redemption program and its shares trade on OTCQX under the symbol ZCSH.

Management highlights that shares have historically traded at substantial premiums and discounts to NAV. Governance evolved with the May 4, 2026 creation of a Board of Managers for the Sponsor, delegating day-to-day oversight while Grayscale Investments retains overall group supervision.

Grayscale Zcash Trust filed Amendment No. 2 to register an indeterminate number of its Shares on Form S-3/A in connection with listing the Shares on NYSE Arca under the symbol ZCSH. The Trust intends to rename itself Grayscale Zcash Trust ETF and to issue and redeem Shares continuously in Baskets of 10,000 Shares, with creations and redemptions permitted in-kind for ZEC or via cash orders facilitated by Liquidity Providers. As of March 31, 2026, a Basket requires approximately 809.8563 ZEC. The Trust values ZEC for NAV purposes using an Index Price (as of April 1, 2026 the CoinDesk Zcash Benchmark Rate) derived from multiple Digital Asset Trading Platforms; the Trust registers an indeterminate number of Shares and does not use leverage, derivatives or similar arrangements.

Grayscale Zcash Trust (ZEC) is changing how it values its ZEC holdings and calculates net asset value. Effective April 1, 2026, the Trust will use the CoinDesk Zcash Benchmark Rate as its index price instead of the CoinDesk Zcash Price Index (ZCX).

From that date, the Trust’s NAV and NAV per share will be based on this new benchmark, which is a U.S. dollar composite rate designed to filter out anomalous or potentially manipulative trades through volume-weighting, outlier detection and inactivity adjustments. As of March 25, 2026, its constituent trading platforms are Binance, Gemini, Kraken and OKX, each evaluated against market quality, security, regulatory and AML/KYC criteria.

The filing explains that CoinDesk, as Index Provider, may adjust the methodology, change constituent platforms, and exercise discretion in rare manual interventions. If the benchmark becomes unavailable or is deemed inaccurate, the Sponsor will follow a cascading pricing hierarchy using a secondary Coin Metrics rate, a principal market price, or a good-faith estimate.

Grayscale Zcash Trust (ZEC) is a Delaware grantor trust holding Zcash (ZEC) with the goal that its share price reflects the ZEC it holds, based on an index price, minus expenses. As of December 31, 2025, the Trust held about 2.4% of all ZEC, and each Share represented approximately 0.0815 ZEC. The Shares trade on OTCQX under ticker ZCSH without an ongoing redemption program, so prices have often diverged sharply from net asset value (NAV). Between October 18, 2021 and December 31, 2025, the closing price traded at premiums up to 240% and discounts up to 55%, with average premium of 53% and average discount of 20%; on December 31, 2025 the Shares traded at a 24% discount to NAV per Share. The Trust has filed an S-3 registration statement and aims to list as an ETF on NYSE Arca and introduce continuous creations and redemptions, but there is no assurance of SEC or exchange approval. Extensive risk factors highlight extreme ZEC price volatility, structural risks from the lack of arbitrage, evolving regulation that could treat ZEC as a security, operational reliance on service providers and custodians, and technology and market risks inherent to privacy-focused digital assets.

Grayscale Zcash Trust (ZCSH) reported that, after a shareholder consent process, it entered into a Second Amended and Restated Declaration of Trust and Trust Agreement with its trustee on March 9, 2026.

Shareholders approved four amendments to the Trust Agreement. Proposal 1 allows creation and redemption of baskets in exchange for cash, not only in-kind ZEC, with Authorized Participants. Proposal 2 changes the Sponsor’s fee so it is paid daily in arrears. Proposal 3 permits part of the Trust’s ZEC holdings to be kept in omnibus accounts at the custodian to facilitate creations and redemptions.

Proposal 4 gives the Sponsor authority to make certain restatements, amendments or supplements that may materially adversely affect shareholder interests, as determined by the Sponsor in its sole discretion, with 20 days’ notice, and to make other specified changes when conditions related to maintaining grantor trust tax status are satisfied. The consent solicitation closed on March 3, 2026 after the requisite majority of outstanding shares approved all proposals.

Grayscale Zcash Trust (ZEC) is asking shareholders to consent to four amendments to its Trust Agreement via a written consent process ending on March 3, 2026. There were 4,829,300 Shares outstanding as of the February 12, 2026 record date, and each Share has one vote.

Proposal 1 would let the Trust create and redeem baskets not only in ZEC but also through cash, using liquidity providers, with detailed settlement conditions. Proposal 2 keeps the Sponsor’s annual fee rate the same but changes payment from monthly to daily in arrears.

Proposal 3 would permit a portion of Trust assets to sit in omnibus accounts at a prime broker to streamline creations and redemptions, which introduces counterparty and insolvency risk for ZEC held there. Proposal 4 would allow the Sponsor, in its sole discretion, to amend the Trust Agreement without shareholder consent, subject only to 20 days’ prior notice for changes it deems materially adverse and certain tax-opinion conditions regarding grantor trust status.

The Sponsor recommends voting “FOR” all four proposals. Shareholders who do not object in writing within 20 calendar days of the Consent Solicitation Statement are deemed to have consented to each proposal.

Grayscale Zcash Trust (ZEC) is asking shareholders to consent to four amendments to its Trust Agreement via written consent, without a meeting. The first would allow creation and redemption of share Baskets for cash through authorized participants, alongside existing in‑kind ZEC processes. A second would change the Sponsor’s fee from monthly to daily payability, while keeping the same annual rate. A third would permit holding part of the Trust estate in omnibus accounts with a prime broker to streamline creations and redemptions, introducing some counterparty and commingling risk. The fourth would let the Sponsor amend the Trust Agreement without prior shareholder votes, subject to 20 days’ notice for changes it deems materially adverse and tax counsel safeguards for maintaining grantor trust status.