Zcash ETF ZCSH

Grayscale Zcash Trust (ZEC) (the "Trust") is a Delaware Statutory Trust that was formed on October 23, 2017 by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act.

The Trust's purpose is to hold Zcash ("ZEC"). Zcash, an alternative software implementation of Bitcoin, was created in 2016 by a group of scientists, cryptographers, and engineers. See "—Overview of the ZEC Industry and Market" for additional information on Zcash Network's selective privacy-preserving features and recent upgrades.

As of December 31, 2025, the Trust holds approximately 2.4% of the ZEC in circulation. The size of the Trust's position does not itself enable the Sponsor or the Trust to participate in or otherwise influence the development of the Zcash Network. As a decentralized digital asset network, the Zcash Network consists of several stakeholders, including core developers of ZEC, users, services, businesses, miners and other constituencies, of which the Trust is only one constituent. Furthermore, in contrast to other protocols in which token holders participate in the governance of the network, ownership of ZEC confers no such rights.