Grayscale Zcash Trust (ZEC)
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
ZCSH$35.59+7.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000950170-25-101416
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-266955
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 51 previous paragraphs and 50 current paragraphs.
39 unchanged; 7 reworded; 4 added; 4 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Net realized and unrealized gain on investment in ZEC for the three months ended September 30, 2025 was $14,290, which includes a realized loss of ($193) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of $14,483. Net realized and unrealized gain on investment in ZEC for the period was driven by ZEC price appreciation from $39.02 per ZEC as of June 30, 2025, to $75.42 per ZEC as of September 30, 2025. Net increase in net assets resulting from operations was $14,182 for the three months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in ZEC, less the Sponsor’s Fee of $108. Net assets increased to $29,757 at September 30, 2025, a 94% increase for the three-month period. The increase in net assets resulted from the aforementioned ZEC price appreciation and the contribution of approximately 4,290 ZEC with a value of $251 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 2,469 ZEC to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in ZEC for the three months ended September 30, 2024 was $2,854, which includes a realized loss of ($228) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of $3,082. Net realized and unrealized gain on investment in ZEC for the period was driven by ZEC price appreciation from $20.53 per ZEC as of June 30, 2024, to $28.04 per ZEC as of September 30, 2024. Net increase in net assets resulting from operations was $2,779 for the three months ended September 30, 2024, which consisted of the net realized and unrealized gain on investment in ZEC, less the Sponsor’s Fee of $75. Net assets increased to $10,769 at September 30, 2024, a 37% increase for the three-month period. The increase in net assets resulted from the aforementioned ZEC price appreciation and contribution of approximately 4,582 ZEC with a value of $150 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 2,401 ZEC to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in ZEC for the nine months ended September 30, 2025 was $7,580, which includes a realized loss of ($595) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of $8,175. Net realized and unrealized gain on investment in ZEC for the period was driven by ZEC price appreciation from $56.12 per ZEC as of December 31, 2024, to $75.42 per ZEC as of September 30, 2025. Net increase in net assets resulting from operations was $7,275 for the nine months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in ZEC, less the Sponsor’s Fee of $305. Net assets increased to $29,757 at September 30, 2025, a 35% increase for the nine-month period. The increase in net assets resulted from the aforementioned ZEC price appreciation and the contribution of approximately 9,178 ZEC with a value of $442 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 7,352 ZEC to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in ZEC for the nine months ended September 30, 2024 was $357, which includes a realized loss of ($717) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of $1,074. Net realized and unrealized gain on investment in ZEC for the period was driven by ZEC price appreciation from $27.69 per ZEC as of December 31, 2023, to $28.04 per ZEC as of September 30, 2024. Net increase in net assets resulting from operations was $177 for the nine months ended September 30, 2024, which consisted of the net realized and unrealized gain on investment in ZEC, less the Sponsor’s Fee of $180. Net assets increased to $10,769 at September 30, 2024, a 20% increase for the nine-month period. The increase in net assets resulted from the aforementioned ZEC price appreciation and the contribution of approximately 67,080 ZEC with a value of $1,631 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 6,636 ZEC to pay the foregoing Sponsor’s Fee.
Removed paragraphs (4)
Previous report
Net realized and unrealized gain on investment in ZEC for the three months ended June 30, 2025 was $376, which includes a realized loss of ($200) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of $576. Net realized and unrealized gain on investment in ZEC for the period was driven by ZEC price appreciation from $38.08 per ZEC as of March 31, 2025, to $39.02 per ZEC as of June 30, 2025. Net increase in net assets resulting from operations was $275 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in ZEC, less the Sponsor’s Fee of $101. Net assets increased to $15,324 at June 30, 2025, a 2% increase for the three-month period. The increase in net assets resulted from the aforementioned ZEC price appreciation, partially offset by the withdrawal of approximately 2,455 ZEC to pay the foregoing Sponsor’s Fee.
Previous report
Net realized and unrealized loss on investment in ZEC for the three months ended June 30, 2024 was ($3,396), which includes a realized loss of ($246) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of ($3,150). Net realized and unrealized loss on investment in ZEC for the period was driven by ZEC price depreciation from $30.51 per ZEC as of March 31, 2024, to $20.53 per ZEC as of June 30, 2024. Net decrease in net assets resulting from operations was ($3,449) for the three months ended June 30, 2024, which consisted of the net realized and unrealized loss on investment in ZEC, plus the Sponsor’s Fee of $53. Net assets decreased to $7,840 at June 30, 2024, a 21% decrease for the three-month period. The decrease in net assets resulted from the aforementioned ZEC price depreciation and the withdrawal of approximately 2,222 ZEC to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 57,298 ZEC with a value of $1,318 to the Trust in connection with Share creations during the period.
Previous report
Net realized and unrealized loss on investment in ZEC for the six months ended June 30, 2025 was ($6,710), which includes a realized loss of ($402) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of ($6,308). Net realized and unrealized loss on investment in ZEC for the period was driven by ZEC price depreciation from $56.12 per ZEC as of December 31, 2024, to $39.02 per ZEC as of June 30, 2025. Net decrease in net assets resulting from operations was ($6,907) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in ZEC, plus the Sponsor’s Fee of $197. Net assets decreased to $15,324 at June 30, 2025, a 30% decrease for the six-month period. The decrease in net assets resulted from the aforementioned ZEC price depreciation and the withdrawal of approximately 4,883 ZEC to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 4,888 ZEC with a value of $191 to the Trust in connection with Share creations during the period.
Previous report
Net realized and unrealized loss on investment in ZEC for the six months ended June 30, 2024 was ($2,497), which includes a realized loss of ($489) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in ZEC of ($2,008). Net realized and unrealized loss on investment in ZEC for the period was driven by ZEC price depreciation from $27.69 per ZEC as of December 31, 2023, to $20.53 per ZEC as of June 30, 2024. Net decrease in net assets resulting from operations was ($2,602) for the six months ended June 30, 2024, which consisted of the net realized and unrealized loss on investment in ZEC, plus the Sponsor’s Fee of $105. Net assets decreased to $7,840 at June 30, 2024, a 13% decrease for the six-month period. The decrease in net assets resulted from the aforementioned ZEC price depreciation and the withdrawal of approximately 4,235 ZEC to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 62,498 ZEC with a value of $1,481 to the Trust in connection with Share creations during the period.
Reworded paragraphs (7)
Previous wording
On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a wholly owned indirect subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”). As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act. The Reorganization has not had any material impact on the operations of the Trust.
Current wording
On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a consolidated subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”). As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act. The Reorganization has not had any material impact on the operations of the Trust.
Previous wording
Financial Highlights for the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Financial Highlights for the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
The Trust’s NAV per Share is derived from the Index Price, as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. Prior to February 23, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See “Item 1. Business—Overview of the ZEC Industry and Market—ZEC Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2025 were Coinbase, Kraken, Gemini, and Bitfinex. The Digital Asset Trading Platforms included in the Index as of June 30, 2024 were Coinbase, Kraken, and Gemini. See “Item 1. Business—Valuation of ZEC and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.
Current wording
The Trust’s NAV per Share is derived from the Index Price, as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. Prior to February 23, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See “Item 1. Business—Overview of the ZEC Industry and Market—ZEC Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of September 30, 2025 were Coinbase, Kraken, Gemini, and Bitfinex. The Digital Asset Trading Platforms included in the Index as of September 30, 2024 were Coinbase, Kraken, and Bitfinex. See “Item 1. Business—Valuation of ZEC and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.
Previous wording
As of June 30, 2025, the Trust had a net closing balance with a value of $15,300,710, based on the Index Price (non-GAAP methodology). As of June 30, 2025, the Trust had a total market value of $15,324,274, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).
Current wording
As of September 30, 2025, the Trust had a net closing balance with a value of $29,891,134, based on the Index Price (non-GAAP methodology). As of September 30, 2025, the Trust had a total market value of $29,756,987, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).
Previous wording
As of June 30, 2024, the Trust had a net closing balance with a value of $7,839,953, based on the Index Price (non-GAAP methodology). As of June 30, 2024, the Trust had a total market value of $7,839,953, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).
Current wording
As of September 30, 2024, the Trust had a net closing balance with a value of $10,772,864, based on the Index Price (non-GAAP methodology). As of September 30, 2024, the Trust had a total market value of $10,769,023, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).
Previous wording
The following table illustrates the movements in the Index Price from July 1, 2020 to June 30, 2025. During such period, the Index Price has ranged from $18.14 to $365.90, with the straight average being $71.46 through June 30, 2025. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually, or as a group.
Current wording
The following table illustrates the movements in the Index Price from October 1, 2020 to September 30, 2025. During such period, the Index Price has ranged from $18.14 to $365.90, with the straight average being $70.24 through September 30, 2025. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually, or as a group.
Previous wording
The following table illustrates the movements in the Digital Asset Market price of ZEC, as reported on the Trust’s principal market, from July 1, 2020 to June 30, 2025. During such period, the price of ZEC has ranged from $18.13 to $365.90, with the straight average being $71.47 through June 30, 2025.
Current wording
The following table illustrates the movements in the Digital Asset Market price of ZEC, as reported on the Trust’s principal market, from October 1, 2020 to September 30, 2025. During such period, the price of ZEC has ranged from $18.13 to $365.90, with the straight average being $70.25 through September 30, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The trust is not managed like a business corporation or an active investment vehicle.