BTC$78,661+0.5% ZEC$403.50+8.1% XMR$395.74+2.7% DASH$39.22+5.5% FIRO$0.8805-0.2% ARRR$0.2016+0.4% BEAM$0.0193-3.2% GRIN$0.0320-2.5% IRON$0.0592+4.3% SCRT$0.1068+5.3% NIGHT$0.0319+0.7% ZCSH$26.79+8.57% CYPH$0.97+9.47% EZRA$0.17-0.06% BTC$78,661+0.5% ZEC$403.50+8.1% XMR$395.74+2.7% DASH$39.22+5.5% FIRO$0.8805-0.2% ARRR$0.2016+0.4% BEAM$0.0193-3.2% GRIN$0.0320-2.5% IRON$0.0592+4.3% SCRT$0.1068+5.3% NIGHT$0.0319+0.7% ZCSH$26.79+8.57% CYPH$0.97+9.47% EZRA$0.17-0.06%
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Zcash treasury · trust

Grayscale Zcash Trust

Institutional ZEC investment vehicle managed by Grayscale Investments. Filed S-3 to convert to a spot ZEC ETF on NYSE Arca. Pending SEC approval.

www.grayscale.com/funds/grayscale-zcash-trust
ZCSH (OTCQX)
396,000 ZEC
2.40% of supply · as of 2025-12-31
ZEC Holdings Value
$159.8M
at $403.50 per ZEC
ZCSH Share Price
$26.79
+8.57% today · Market Cap $129.4M
Trust Discount
-19.0%
$327 implied vs $404 spot

Trust premium / discount compares ZCSH's market price against the underlying ZEC value of trust shares. Closed-end vehicles typically trade close to NAV.

SEC filings and disclosures

Each row is a publicly disclosed filing or announcement, most recent first. SEC filings link to the original document on sec.gov. Press releases link to the issuing source.

Date Filing Amount (ZEC) Market Value Network % Source
2025-12-31 S-3/A
0001193125-26-032060
 396,000.00 $159.8M 2.40% Filing index >
Shelf registration amendment tied to the trust's conversion to a spot ZEC ETF on NYSE Arca. Filing discloses updated ZEC holdings as of year-end 2025.
2024-09-30 10-Q
0000950170-24-120133
 323,615.00 $130.6M 2.00% Filing index >
Quarterly filing reporting 323,615 ZEC held in trust as of September 30, 2024.
Holdings verified as of 2025-12-31 from Grayscale Zcash Trust S-3/A filed 2025-12-31. Source: SEC EDGAR and public disclosures. zkonomics is not affiliated with the SEC or with any treasury entity.
Why this position exists. Grayscale Zcash Trust is one of a small number of public entities accumulating Zcash. Read the institutional case for Zcash for the thesis behind the moves, the structural reason Zcash works for institutions where Monero cannot, and the named investors who have spoken on the record.