Every S-3 that The Zcash ETF (ZCSH) has filed with the SEC in the last 12 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 S-3 covers the shelf registration that lets an established company sell over time, 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) (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), 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 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) has filed an amended shelf registration to offer Shares of the trust on a continuous basis, supporting its planned listing on NYSE Arca under the symbol ZCSH. The Shares are intended to track the value of Zcash (ZEC) held by the trust, less expenses.
The vehicle operates like a single-asset crypto ETP: Shares are issued and redeemed only in 10,000-Share Baskets by Authorized Participants, with creations currently handled through cash orders via third-party Liquidity Providers rather than in-kind ZEC transfers. As of December 31, 2025, the trust reported NAV of $200,582,268, or $41.53 per Share.
The prospectus highlights significant risks, including extreme ZEC price volatility, regulatory uncertainty for digital assets and privacy coins, operational reliance on service providers such as Coinbase entities and BNY Mellon, and the possibility that Shares may trade at substantial premiums or discounts to NAV despite an intended arbitrage mechanism around the NYSE Arca listing.
Grayscale Zcash Trust (ZEC) has filed a registration statement to register an indeterminate number of shares and list them on NYSE Arca under the symbol ZCSH, with the trust to be renamed Grayscale Zcash Trust ETF. The trust holds Zcash (ZEC) and seeks for its share value, based on ZEC per share, to track the value of ZEC as measured by the CoinDesk Zcash Price Index (ZCX), minus expenses and liabilities.
Shares are issued and redeemed only in blocks of 10,000 shares called Baskets, via authorized participants using cash orders facilitated by independent liquidity providers; in-kind creations and redemptions may become possible only if NYSE Arca obtains additional regulatory approval. As of September 30, 2025, the trust’s Principal Market NAV was $29,756,987 (or $6.18 per share) and its non-GAAP NAV was $29,891,134 (or $6.21 per share). The trust held approximately 2.4% of ZEC in circulation as of that date.
The filing highlights that ZEC and the shares have experienced significant historical volatility, with prior trading on OTCQX at substantial premiums and discounts to NAV per share, and notes that an arbitrage mechanism via creations and redemptions is intended to keep NYSE Arca trading closer to NAV. Key risks include extreme volatility in digital asset markets, regulatory uncertainty around digital assets and trading platforms, potential illiquidity or operational issues at service providers, and the possibility that the shares may again trade materially above or below NAV.