Zcash ETF tops $500M AUM after NYSE Arca launch

Zcash ETF reports AUM above $500 million, boosted by a $100 million in-kind ZEC investment from an affiliate and additional inflows since its NYSE Arca launch.

Rhea-AI Filing Summary

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.

Positive

• AUM exceeded $500 million roughly two weeks after the August 25, 2026 launch on NYSE Arca, indicating rapid initial asset growth for the Zcash ETF.
• An affiliate, DCG International Investments Ltd., made an in-kind contribution of 85,705.32563297 ZEC for shares valued at approximately $100 million, significantly increasing the Fund’s scale.
• The Fund reported more than $70 million in cumulative inflows since launch, excluding the affiliate’s $100 million investment, suggesting broader market uptake.
• Launch of ZCSH options trading on NYSE Arca provides additional listed instruments for investors to manage ZEC-related exposure.

Negative

• None.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Assets under management: More than $500 million Affiliate investment value: Approximately $100 million ZEC contributed by affiliate: 85,705.32563297 ZEC +3 more

6 metrics

Assets under management More than $500 million AUM milestone reported about two weeks after August 25, 2026 NYSE Arca launch

Affiliate investment value Approximately $100 million Value of ZCSH shares acquired by DCG International Investments Ltd. on September 8, 2026

ZEC contributed by affiliate 85,705.32563297 ZEC Zcash tokens exchanged for ZCSH shares valued at approximately $100 million

Cumulative inflows since launch (excluding affiliate) More than $70 million Inflows in the two weeks since launch as an exchange-traded product, excluding the $100 million affiliate investment

Launch date on NYSE Arca August 25, 2026 Date ZCSH began trading on NYSE Arca

Date of affiliate transaction and press release September 8, 2026 Date DCG affiliate completed the in-kind ZEC contribution and the AUM milestone was announced

Key Terms

Authorized Participant, exchange-traded product, Proof-of-Work consensus, options trading, +1 more

5 terms

Authorized Participant financial

"acquire shares of the Trust having an aggregate value ... through an Authorized Participant"

An authorized participant is a large broker-dealer or market professional authorized by an exchange-traded fund to create and redeem ETF shares by exchanging baskets of the underlying securities. They act like a bridge between the ETF and its underlying market, helping keep the ETF’s trading price close to the value of its holdings and supplying liquidity. For investors, healthy authorized-participant activity reduces price distortion and makes it easier to buy or sell ETF shares without large costs.

exchange-traded product financial

"The Fund is an exchange-traded product that is not an investment company"

An exchange-traded product is an investment that trades on a stock exchange like a share but represents exposure to a bundle of assets, an index, or a commodity—examples include ETFs and similar instruments. Think of it as a pre-packed shopping cart of investments you can buy or sell any time the market is open; it matters to investors because it offers easy, often low-cost access to diversified holdings with intraday liquidity, but comes with fees and specific risks such as tracking mismatch or issuer credit risk.

Proof-of-Work consensus technical

"Zcash pairs Bitcoin-like features, including a 21-million-coin supply cap and Proof-of-Work consensus"

options trading financial

"AUM growth coincides with the launch of ZCSH options trading on NYSE Arca"

Options trading is buying and selling contracts that give the right, but not the obligation, to buy or sell a stock at a set price before a specific date. For investors it matters because options let you amplify potential gains, protect existing holdings, or bet on price moves with less cash than buying the stock outright — like renting a reservation instead of buying the whole hotel room — but they can also expire worthless and cause losses.

viewing keys technical

"Viewing keys also enable holders to selectively disclose transaction details"

FAQ

What key update did Zcash ETF (ZCSH) announce in this 8-K?

Zcash ETF announced that assets under management exceeded $500 million about two weeks after its August 25, 2026 NYSE Arca launch, supported by a $100 million in-kind ZEC investment from DCG International Investments Ltd. and more than $70 million in additional cumulative inflows.

How much did the DCG affiliate invest in Zcash ETF (ZCSH) and in what form?

DCG International Investments Ltd. acquired ZCSH shares with an aggregate value of approximately $100 million on September 8, 2026, through an Authorized Participant in exchange for 85,705.32563297 Zcash (ZEC) tokens.

What is the current scale of Zcash ETF (ZCSH) AUM?

The Fund reported that its assets under management have grown to more than $500 million, a milestone reached about two weeks after ZCSH began trading on NYSE Arca on August 25, 2026.

How much non-affiliate inflow has Zcash ETF (ZCSH) attracted since launch?

The Fund stated that it has seen cumulative inflows of more than $70 million in the two weeks since launching as an exchange-traded product, excluding the $100 million investment from DCG International Investments Ltd.

What new trading feature related to Zcash ETF (ZCSH) was highlighted?

The Fund highlighted the launch of ZCSH options trading on NYSE Arca, which provides investors with exchange-traded tools to manage risk, generate income, and express market views related to ZEC exposure.

Is Zcash ETF (ZCSH) a 1940 Act-registered investment company?

No. The Fund is described as an exchange-traded product that is not registered under the Investment Company Act of 1940 and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/08/2026 - 04:48 PM Accepted by SEC EDGAR 09/08/2026 - 04:48 PM Learn about SEC filing dates

False000172026500017202652026-09-082026-09-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2026

The Zcash ETF

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-43458	82-6646113
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut				06902
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 668-1427

Grayscale Zcash Trust (ZEC)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(g) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
The Zcash ETF Shares		ZCSH		NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

As previously disclosed, Grayscale Investments Sponsors, LLC and DCG International Investments Ltd. (“DCG”) were in discussions regarding an arrangement for DCG to acquire shares of The Zcash ETF (the “Trust”) through an Authorized Participant, or its AP Designee, in exchange for approximately 200,000 Zcash (“ZEC”) tokens, which represented the intent to invest approximately $100 million based on the market value of ZEC at the time of such disclosure.

On September 8, 2026, DCG acquired shares of the Trust having an aggregate value of approximately $100 million through an Authorized Participant, or its AP Designee, in exchange for 85,705.32563297 ZEC tokens. The shares have no preference features associated with them and are economically the same as other shares of the Trust.

A copy of Grayscale’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated as of September 8, 2026, of Grayscale.
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Grayscale Investments Sponsors, LLC, as Sponsor of The Zcash ETF
Date:	September 8, 2026	By:	/s/ Kathryn Masci
			Name: Kathryn Masci Title: Interim Chief Financial Officer*

* The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

Exhibit 99.1

The Zcash ETF (Ticker: ZCSH) Grows AUM to More Than $500 Million Following NYSE Arca Debut

AUM growth coincides with the launch of ZCSH options trading on NYSE Arca. ZCSH remains the only exchange-traded product in the world offering spot exposure to ZEC.

STAMFORD, Conn., Sept. 8, 2026 (GLOBE NEWSWIRE) -- The Zcash ETF (Ticker: ZCSH) (“ZCSH” or the “Fund”) today announced that its AUM has grown to more than $500 million, marking a significant milestone two weeks after its August 25, 2026 launch on NYSE Arca and underscoring financial privacy as an emerging investment theme within the digital asset ecosystem.

This increase in assets coincides with the launch of ZCSH options trading on NYSE Arca earlier today, giving investors familiar, exchange-traded tools to manage risk, generate income, and express their market views.

The Fund is an exchange-traded product that is not an investment company registered under the Investment Company Act of 1940 (the "1940 Act") and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. An investment in ZCSH is subject to significant risk and heightened volatility and is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in ZEC.

The asset increase includes approximately $100 million resulting from DCG International Investments Ltd. (the “Investor”)* acquiring shares of ZCSH having an aggregate value of approximately $100 million. The transaction was completed through an Authorized Participant in exchange for 85,705.32563297 Zcash (ZEC) tokens. As previously disclosed, the Sponsor and the Investor had been in discussions regarding an arrangement for the Investor to acquire ZCSH shares in exchange for approximately 200,000 ZEC, which reflected an intent to invest approximately $100 million based on the market value of ZEC at the time of such disclosure. Consistent with such intent, DCG contributed 85,705.32563297 ZEC in exchange for shares of ZCSH having an aggregate value of approximately $100 million. The shares acquired by the Investor have no preference features and are economically the same as other shares of the Fund.

“The latest AUM milestone includes ZCSH seeing cumulative inflows of more than $70 million in the two weeks since launching as an ETP, in addition to the Investor’s $100 million investment. Together, these inflows meaningfully increase the scale of the Fund as we continue working to broaden investor exposure to ZEC,” said Steve Vanourny, Head of Index at Grayscale.

ZCSH began trading on NYSE Arca on August 25, 2026. At launch, it was the first exchange-traded product in the world to offer spot exposure to ZEC, a digital asset built for private, decentralized value transfer. Today, ZCSH is the only ETP in the world that allows investors to access ZEC exposure through their brokerage accounts without the operational complexities of purchasing and safeguarding the asset directly.

Launched in 2016, Zcash pairs Bitcoin-like features, including a 21-million-coin supply cap and Proof-of-Work consensus, with optional transaction privacy. Users can transact transparently or

privately by shielding sender, recipient and amount information while preserving network verification. Viewing keys also enable holders to selectively disclose transaction details to auditors, counterparties or regulators.

For more information about ZCSH, please visit thezcashetf.com.

*DCG International Investments Ltd. is a wholly owned, indirect subsidiary of Digital Currency Group, Inc. ("DCG"). DCG is the indirect parent company of Grayscale Investments Sponsors, LLC, the Fund's sponsor (the "Sponsor"). Accordingly, the Investor is an affiliate of both the Sponsor and the Fund.

DCG and its affiliates and subsidiaries from time to time sell or otherwise monetize their digital asset holdings, including $ZEC (Zcash) and $TAO (the native token of the Bittensor network), in order to fund operating expenses and capital investments, as well as for purposes including to hedge exposures and realize investment gains. In addition, DCG and its affiliates may buy and/or sell additional shares of ZCSH in the future from time to time.

Media Contact

press@grayscale.com

Client Contact

866-775-0313

info@grayscale.com

This information must be preceded or accompanied by The Zcash ETF prospectus, which may be obtained on the Fund's website. Please read the prospectus carefully before investing.

Investing in digital assets involves significant risk and heightened volatility, including possible loss of principal. An investment in the Fund is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment should be considered only by persons who can bear the risk of total loss associated with an investment in the Fund.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Extreme volatility of trading prices that many digital assets have experienced in recent periods, and may continue to experience, could have a material adverse effect on the value of the Fund and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.

Foreside Fund Services, LLC is the marketing agent for ZCSH.

© 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 18.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 28.0 KB