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 (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.
Grayscale Zcash Trust (ZCSH) reported a corporate reorganization at its sponsor level. On October 22, 2025, Grayscale Investments, Inc. became the sole managing member of Grayscale Operating, LLC (GSO), which is the sole member of Grayscale Investments Sponsors, LLC, the sponsor of the Trust. This occurred after GSO Intermediate Holdings Corporation transferred a portion of its common membership units of GSO for Class A shares of Grayscale Investments and ceded managing member rights.
DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, elected a board of directors for Grayscale Investments consisting of Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee. The company stated it does not expect the reorganization to have any material impact on the Trust’s operations. All involved entities remain consolidated subsidiaries of Digital Currency Group, Inc.
Grayscale Zcash Trust (ZCSH) reported a leadership change at an affiliate of its sponsor. On October 13, 2025, GSO Intermediate Holdings Corporation—the sole managing member of Grayscale Operating, LLC, which is the sole member of Grayscale Investments Sponsors, LLC (the Trust’s sponsor)—announced that Matthew Kummell stepped down from its Board of Directors and Simon Koster was appointed to the Board.
Koster is the Chief Strategy Officer at Digital Currency Group (DCG). His background includes leading DCG’s investment team and prior executive roles in real estate. He also serves on the boards of Foundry, Luno, Fortitude, and Yuma, each affiliated with Grayscale.
Grayscale Zcash Trust (ZEC) reported an unregistered sale of equity securities through private placements to accredited investors. Since its last report, the Trust issued 52,300 Shares at prices based on net asset value per share in transactions exempt from Securities Act registration under Rule 506(c). These issuances corresponded to 4,289.95115626 ZEC, representing $250,545, with Grayscale Securities, LLC acting as the Authorized Participant. Following these issuances, there were 4,811,500 Shares issued and outstanding as of October 3, 2025. No underwriting discounts or commissions were paid to Grayscale Securities in connection with these sales, although it may be deemed an underwriter under the Securities Act because it facilitates the creation and distribution of Shares.