Every 10-Q that The Zcash ETF (ZCSH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 passive vehicle that holds Zcash (ZEC) and seeks for its Shares to reflect the value of its ZEC holdings, less expenses. As of June 30, 2026, it held 388,673.68 ZEC valued at $155.3 million, down from $200.4 million at December 31, 2025. With 4,829,300 Shares outstanding, the Principal Market NAV per Share was $32.15, versus $41.51 year-end. For Q2 2026, rising ZEC prices from $254.27 to $399.44 generated $56.9 million of realized and unrealized gains and a $55.8 million net increase in net assets, yet for the first half overall net assets declined 23% due to earlier price weakness.
The Trust charges a 2.5% annual Sponsor’s Fee, accrued daily and paid in ZEC, which steadily reduces the ZEC represented by each Share (about 0.0805 ZEC per Share at June 30, 2026). It currently offers creations but no shareholder redemption program, and its results are highly sensitive to ZEC’s volatility, with all assets concentrated in ZEC and no leverage or derivatives. The Sponsor reports effective disclosure controls, no Additional Trust Expenses in the period, and no material changes in legal proceedings or risk factors.
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 (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.