Here are the 10-K annual reports from The Zcash ETF (ZCSH) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ZCSH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ZCSH filings page.
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.