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.
Grayscale Zcash Trust (ZEC) (symbol ZCSH) filed Post-Effective Amendment No. 1 to its Form S-3 registration statement for The Zcash ETF under Rule 462(d). The amendment is limited in scope and is being used solely to file additional exhibits to the existing registration statement.
The new exhibits are a Certificate of Amendment to the Certificate of Trust and an Amendment No. 1 to the Second Amended and Restated Declaration of Trust and Trust Agreement. The amendment states that it does not modify any provisions of Part I or Part II other than adding these exhibits and becomes effective immediately upon filing. It is signed on behalf of the registrant by officers and managers of Grayscale Investments Sponsors, LLC, including Interim Chief Financial Officer Kathryn Masci and Chief Executive Officer Peter Mintzberg.
Grayscale Zcash Trust (ZEC) (symbol ZCSH) reports that its sponsor, Grayscale Investments Sponsors, LLC, announced the Shares are anticipated to begin trading on NYSE Arca on or about August 25, 2026 (the “Uplisting Date”), under the trading symbol “ZCSH,” subject to the receipt of certain regulatory approvals. The sponsor states that no assurance can be given that the Shares will list and trade on this anticipated timeline, or at all.
The sponsor also announced its intention to change the registrant’s name to The Zcash ETF, effective on or about August 25, 2026, again subject to regulatory approvals, and to amend the Second Amended and Restated Declaration of Trust and Trust Agreement to reflect the new name. Existing stock certificates will remain valid and do not need to be exchanged.
Grayscale Zcash Trust (ZEC) (symbol ZCSH) is filing an Amendment No. 5 to a shelf registration on Form S‑3 to support a continuous primary offering of an indeterminate number of Shares, and to transition the product into an exchange-traded format listed on NYSE Arca under “ZCSH.” The Delaware statutory trust holds Zcash (“ZEC”) and seeks for its Share value, based on ZEC per Share, to track the CoinDesk Zcash Benchmark Rate Index Price less expenses, without leverage or derivatives.
In connection with effectiveness and listing, the sponsor plans to rename the vehicle The Zcash ETF. Creations and redemptions occur in 10,000‑Share Baskets via Authorized Participants using cash orders and in‑kind creations (involving ZEC), with redemptions currently limited to cash. The trust historically traded on OTCQX at substantial premiums and discounts to NAV; the sponsor expects NYSE Arca arbitrage to keep market price closer to NAV.
The trust holds about 2.3% of ZEC in circulation, is treated as an emerging growth company, is not registered under the Investment Company Act, and the sponsor believes it is not a commodity pool under the CEA. A non‑binding potential contribution arrangement contemplates a DCG affiliate delivering approximately 200,000 ZEC for Shares via an Authorized Participant, with related resale registration rights.
Grayscale Zcash Trust (ZEC) is registering an indeterminate number of Shares for continuous issuance and intends to list them on NYSE Arca under the symbol ZCSH. Each Share is a common unit of fractional undivided beneficial interest in a Delaware statutory trust whose sole purpose is to hold Zcash (ZEC). The investment objective is for the Share value, based on ZEC per Share, to track the value of ZEC held by the Trust, by reference to the Index Price, less expenses and liabilities.
Shares are created and redeemed only in Baskets of 10,000 Shares through Authorized Participants using in-kind ZEC transfers and cash-based orders, with redemptions currently conducted only in cash. The Trust relies on Coinbase entities as prime broker and custodian, using segregated cold-storage vault accounts and omnibus settlement balances, with contractual limits on rehypothecation and defined liability caps.
The Trust historically traded on OTCQX as ZCSH at substantial premiums and discounts to NAV; between October 18, 2021 and June 30, 2026, the maximum premium was 240% and the maximum discount 55%. Management expects NYSE Arca listing and an arbitrage mechanism to keep trading prices closer to NAV. The Trust is an emerging growth company and is not registered under the Investment Company Act or regulated as a commodity pool.
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), 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.