Grayscale Zcash Trust (ZEC)
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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.
Mar 31, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-05.
0001193125-25-266955
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214629
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 50 previous paragraphs and 43 current paragraphs.
29 unchanged; 9 reworded; 4 added; 12 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 4 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
Prior to April 1, 2026, the Trust valued the ZEC held by the Trust for operational purposes by reference to the CoinDesk Zcash Price Index (ZCX). As of April 1, 2026, the Index is the CoinDesk Zcash Benchmark Rate which is used to calculate the NAV and NAV per Share. Prior to April 1, 2026, references to the “Index” in the Trust’s filings with the SEC, including this Quarterly Report on Form 10-Q, refer to the CoinDesk Zcash Price Index (ZCX). From and after April 1, 2026, references to the “Index” in the Trust’s filings with the SEC are to the CoinDesk Zcash Benchmark Rate.
Current report
Net realized and unrealized loss on investment in ZEC for the three months ended March 31, 2026 was ($100,275), which includes a realized gain of $425 on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in ZEC of ($100,700). Net realized and unrealized loss on investment in ZEC for the period was driven by ZEC price depreciation from $509.35 per ZEC as of December 31, 2025, to $254.27 per ZEC as of March 31, 2026. Net decrease in net assets resulting from operations was ($100,995) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in ZEC, plus the Sponsor’s Fee of $720. Net assets decreased to $99,446 at March 31, 2026, a 50% decrease for the three-month period. The decrease in net assets resulted from the aforementioned ZEC price depreciation and the withdrawal of approximately 2,418 ZEC to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized loss on investment in ZEC for the three months ended March 31, 2025 was ($7,086), which includes a realized loss of ($202) on the transfer of ZEC to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in ZEC of ($6,884). 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 $38.08 per ZEC as of March 31, 2025. Net decrease in net assets resulting from operations was ($7,182) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in ZEC, plus the Sponsor’s Fee of $96. Net assets decreased to $15,049 at March 31, 2025, a 32% decrease for the three-month period. The decrease in net assets resulted from the aforementioned ZEC price depreciation and the withdrawal of approximately
Current report
2,428 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.
Removed paragraphs (12)
Previous report
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 report
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust (such contracts, the “Sponsor Contracts”) to GSIS, a Delaware limited liability company and a wholly owned direct subsidiary of GSO, whereby GSIS assumed all of the rights and obligations of GSO under the Sponsor Contracts. Other than the assumption of the Sponsor Contracts by GSIS, the Reorganization does not alter the rights or obligations under any of the Sponsor Contracts.
Previous report
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO and GSIS executed a Certificate of Admission, pursuant to which GSIS was admitted as an additional Sponsor of the Trust under the Trust Agreement, by and among GSO (as successor in interest to GSI), the Trustee, and the shareholders from time to time thereunder, as amended from time to time. GSIS shall be subject to the rights and obligations of a Sponsor under the Trust Agreement.
Previous report
On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS became the sole remaining Sponsor of the Trust.
Previous report
The cost basis of the ZEC received by the Trust in connection with a creation order is recorded by the Trust at the fair value of ZEC at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
The Trust performed an assessment of the principal market at September 30, 2025 and 2024, and identified the principal market as Coinbase.
Previous report
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 report
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).
Reworded paragraphs (9)
Previous wording
First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.
Current wording
First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform
Previous wording
Financial Highlights for the Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Financial Highlights for the Three Months Ended March 31, 2026 and 2025
Previous wording
(All amounts in the following table and the subsequent paragraphs, except Share, per Share, ZEC and price of ZEC amounts, are in thousands)
Current wording
(All amounts in the following table and the subsequent paragraphs, except Share, ZEC and price of ZEC amounts, are in thousands)
Previous wording
As of September 30, 2025 and 2024, the Principal Market NAV per Share was calculated using the fair value of ZEC based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. Prior to February 23, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share.
Current wording
The Principal Market NAV and Principal Market NAV per Share are calculated using the fair value of ZEC based on the price provided by the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date, in accordance with U.S. GAAP.
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 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.
Current wording
The Trust’s NAV and NAV per Share are 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. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026 were Coinbase, Kraken, and Gemini. The Digital Asset Trading Platforms included in the Index as of March 31, 2025 were Coinbase, Kraken, Gemini, and Bitfinex. The Digital Asset Trading Platforms included in the Index as of May 4, 2026 were Binance, Gemini, Kraken and OKX. 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.
Previous wording
For accounting purposes, the Trust reflects creations and the ZEC receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of ZEC is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program.
Current wording
For accounting purposes, the Trust reflects creations and the ZEC receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of ZEC is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.
Previous 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.
Current wording
The following table illustrates the movements in the Index Price from April 1, 2021 to March 31, 2026. 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 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.
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 April 1, 2021 to March 31, 2026.
Previous wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX and the Trust’s NAV per Share from October 18, 2021 to September 30, 2025.
Current wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Trust’s NAV per Share from October 18, 2021 to March 31, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.