Grayscale Zcash Trust (ZEC)

Grayscale Zcash Trust (ZEC) is a Delaware statutory trust formed to hold Zcash (ZEC) and issue shares that give investors indirect exposure to the token’s price. It is a passive vehicle: it does not operate the Zcash network, use leverage or derivatives, and its shares trade on OTCQX under the ticker ZCSH.

— Grayscale Zcash Trust (ZEC)
%
Trust shares100% Common units of fractional undivided beneficial interest representing indirect ownership in the Trust's ZEC holdings.
Digital asset custody0% Safekeeping of ZEC through the Trust's custodian and secure vault structure.
Creation and redemption mechanics0% Issuance of baskets against ZEC deposits and, when permitted, redemptions in reverse.

The Trust's primary users are accredited investors and market participants seeking regulated, exchange-traded exposure...

  • Accredited investorsprimary

    Buy Trust shares to gain indirect exposure to ZEC through a securities wrapper rather than direct token custody.

  • Secondary-market tradersprimary

    Trade ZCSH on OTCQX to express views on ZEC price movements and arbitrage premiums/discounts to NAV.

  • Authorized Participantssecondary

    Create baskets by delivering ZEC to the Trust and, if redemptions are approved, would redeem in reverse.

  • Institutional allocatorssecondary

    Use the Trust as a convenient, custody-managed way to access Zcash within portfolio mandates.

The Trust is organized in Delaware and operates as a U.S.-based investment vehicle with shares quoted on OTCQX in the...

  • •Delaware statutory trust formed in the United States
  • •Shares quoted on OTCQX in the U.S. market
  • •ZEC valuation depends on global digital asset trading venues
  • •No disclosed country revenue mix; trust is not an operating business

The Trust's strategy is to provide investors with cost-effective, convenient exposure to ZEC while tracking the token's...

01
Maintain close linkage between share price and ZEC valueshort-term

The investment case depends on shares reflecting the Trust's ZEC holdings, net of expenses and liabilities.

02
Preserve custody and operational securityshort-term

The Trust's assets are concentrated in a single digital asset, so secure storage is essential to avoid loss or delay.

03
Expand market acceptance of ZEC exposuremedium-term

Demand for the Trust depends on broader acceptance of Zcash and continued investor interest in privacy-focused digital assets.

The Trust's value is highly dependent on ZEC price performance, liquidity, and market acceptance of privacy-focused...

high

Extreme ZEC price volatility

The Trust's net asset value moves directly with the market price of ZEC, so sharp token declines flow through to share value.

Scope
All shareholders
Materiality
high
high

Limited acceptance of ZEC as a payment medium

If ZEC is not widely used for retail or commercial transactions, demand may remain speculative and less durable.

Scope
ZEC market demand
Materiality
high
medium

Competition from other digital assets and privacy coins

Alternative assets such as XMR, DASH, and ROSE can attract users and capital away from Zcash.

Scope
Token adoption and liquidity
Materiality
medium
medium

Premium/discount to NAV on OTCQX

Shares can trade away from underlying ZEC value because of liquidity differences and non-concurrent trading hours.

Scope
Secondary-market investors
Materiality
medium
medium

Custody and blockchain operational risk

Digital asset storage and blockchain transfer processes can be delayed or disrupted, affecting creations and access.

Scope
Trust operations
Materiality
medium
Fair value measurement of ZEC
Large swings in unrealized appreciation/depreciation
Principal market determination
Can change reported NAV and share valuation
Trade-date accounting for creations and expense settlements
Quarterly comparability and realized gains/losses
Sponsor fee settlement in ZEC
Impacts net assets and realized results

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: 28/04/2026