If You Invested in Grayscale Zcash Trust (ZCSH)

Grayscale Zcash Trust (ZEC) (trading under the symbol ZCSH) is a statutory trust that issues shares referred to as Grayscale Zcash Trust (ZEC) Shares. According to its SEC filings, these shares are registered under Section 12(g) of the Securities Exchange Act of 1934, with the trading symbol ZCSH and no exchange specified in the registration table. The trust structure and its disclosures are focused on providing regulated access to exposure related to Zcash (ZEC) through trust shares.

The trust identifies itself in SEC reports as Grayscale Zcash Trust (ZEC) (the “Trust”). Its sponsor is Grayscale Investments Sponsors, LLC (the “Sponsor”), which is part of a broader group of entities consolidated under Digital Currency Group, Inc. SEC filings describe Grayscale Investments Sponsors, LLC, Grayscale Operating, LLC, GSO Intermediate Holdings Corporation, Grayscale Investments, Inc., DCG Grayscale Holdco, LLC and related entities as consolidated subsidiaries of Digital Currency Group, Inc.

Trust structure and sponsor relationships

Based on the Trust’s 8-K filings, Grayscale Zcash Trust (ZEC) operates with a sponsor-driven structure. The Sponsor, Grayscale Investments Sponsors, LLC, is the sole member of the registrant’s operating entity and is responsible for the affairs of the Trust. The Sponsor itself is part of a multi-entity corporate structure involving Grayscale Operating, LLC and Grayscale Investments, Inc., which, following an internal corporate reorganization, became the sole managing member of Grayscale Operating, LLC.

In an 8-K dated October 22, 2025, the Trust reported that GSO Intermediate Holdings Corporation, previously the sole managing member of Grayscale Operating, LLC, completed an internal corporate reorganization. As a result, Grayscale Investments, Inc. became the sole managing member of Grayscale Operating, LLC, which remains the sole member of the Sponsor. The filing states that DCG Grayscale Holdco, LLC, Grayscale Investments, Grayscale Operating, GSO Intermediate Holdings Corporation and Grayscale Investments Sponsors, LLC are consolidated subsidiaries of Digital Currency Group, Inc.

Securities and share issuance

The Trust’s securities table in multiple 8-K filings lists the class of securities as “Grayscale Zcash Trust (ZEC) Shares” with the trading symbol ZCSH and indicates “N/A” for the name of each exchange on which registered. The Trust has reported unregistered sales of equity securities in the form of newly issued shares in private placements to accredited investors, with pricing determined by reference to the Trust’s net asset value (NAV) per share.

In an 8-K dated September 30, 2025, the Trust disclosed that, since its most recently filed Form 8-K reporting sales, it issued additional shares in private placement transactions exempt from registration under Rule 506(c) of Regulation D. These transactions were conducted with selected accredited investors, and Grayscale Securities, LLC acted as the Authorized Participant with respect to these distributions. The filing explains that, because shares have been and continue to be created and issued on a periodic basis, a “distribution” under the Securities Act may be occurring from time to time, and that Grayscale Securities, as Authorized Participant and distributor/marketer, may be deemed an underwriter under Section 2(a)(11) of the Securities Act.

Index pricing and digital asset trading platforms

The Trust’s disclosures reference the use of a price index maintained by CoinDesk Indices, Inc. (the “Index Provider”) for determining an Index Price related to Zcash. An 8-K dated December 21, 2025, reports that the Index Provider changed the digital asset trading platforms used to derive the Index Price for Grayscale Zcash Trust (ZEC). Specifically, Bitfinex was removed from the CoinDesk Zcash Price Index (ZCX) due to not meeting a minimum liquidity requirement, and no new constituent trading platforms were added as part of that quarterly review.

As of the date of that filing, the constituent trading platforms included in the Index were Coinbase, Kraken and Gemini. The filing notes that the Index Provider may change the trading venues used to calculate the Index Price or otherwise change the way in which the Index Price is calculated at any time, including through scheduled quarterly reviews in which platforms may be added or removed based on criteria described in the Trust’s Annual Report on Form 10-K.

Corporate governance and sponsor oversight

The Trust’s 8-K filings also describe changes in the governance of the Sponsor and its related entities. In connection with the internal corporate reorganization completed on October 22, 2025, DCG Grayscale Holdco, LLC, as the sole stockholder of Grayscale Investments, Inc., elected a board of directors at Grayscale Investments. Prior to this reorganization, the board of GSO Intermediate Holdings Corporation managed and directed the affairs of the Sponsor. Following the reorganization, the board of Grayscale Investments is responsible for managing and directing the affairs of the Sponsor.

Another 8-K dated October 13, 2025, reports changes in the composition of the board of directors of GSO Intermediate Holdings Corporation, including the departure of one director and the appointment of another. That filing also describes the background and roles of the new director within Digital Currency Group, Inc. and affiliated entities. These governance disclosures provide context on how the Sponsor and related entities are overseen within the broader Digital Currency Group structure.

Communications, social media, and third-party content

In an 8-K dated December 3, 2025, the Trust, through its Sponsor, describes how Grayscale Investments Sponsors, LLC and its affiliates use the social media platform X (formerly Twitter). The filing explains that Grayscale maintains a presence on X but is not affiliated with X or any other social media site and does not control how those sites or third parties use information shared there.

The filing highlights the use of cashtags (a ticker symbol preceded by a “$”) on X. X automatically converts cashtags into hyperlinks that direct users to pages containing market data, news, commentary and other content created or supplied by third parties. The Trust’s disclosure emphasizes that Grayscale does not control, endorse or assume responsibility for information displayed on those X-generated pages or for any third-party websites, data sources or services accessible through them. It further states that such information is not authorized, prepared, verified or updated by Grayscale and may be inaccurate, incomplete, untimely or inconsistent with Grayscale’s public disclosures.

According to this filing, investors in Grayscale products should not rely on third-party social media content as having been authorized by Grayscale. For authoritative and up-to-date information about Grayscale and its investment products, the filing directs investors to Grayscale’s filings for its products with the Securities and Exchange Commission.

Regulatory reporting and material events

Grayscale Zcash Trust (ZEC) uses Form 8-K to report material events related to its operations, governance, sponsor structure, share issuance and index pricing. These filings provide investors and market participants with updates on unregistered sales of equity securities, internal reorganizations affecting the Sponsor, changes in board composition at related entities and changes to the digital asset trading platforms included in the CoinDesk Zcash Price Index.

The Trust’s filings also clarify the capacity in which individuals sign reports. Each 8-K notes that the registrant is a trust and that the person signing the report does so in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the registrant. This underlines the sponsor-driven nature of the Trust’s governance and reporting.

Overall, the available regulatory disclosures portray Grayscale Zcash Trust (ZEC) as a trust issuing shares linked to Zcash-related exposure, with a sponsor structure embedded within the Digital Currency Group, Inc. family of companies and with pricing references tied to an index maintained by CoinDesk Indices, Inc. The Trust uses SEC filings to communicate changes in sponsor governance, index methodology, social media practices and share issuance to investors.