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ZCSH on NYSE

Zcash ETF

Zcash ETF is an American commodity contracts brokers and dealers company based in Stamford.1 Its shares trade on NYSE under the symbol ZCSH.1

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Last updated Oct 21, 2026.

Overview

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  • TickerZCSH on NYSE1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersStamford, Connecticut1
  • Incorporated inDE2
  • Business address290 Harbor Drive, 4Th Floor, Stamford, Ct 069022
  • Filer category, Emerging growth company2
  • Legal formBusiness Trust
  • Kind of organizationInvestment fund1

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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.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income456$177.8M in 2025+757% since 2021
-$100.0M0$100.0M$200.0M2021: $20.7M$20.7M20212022: -$36.2M-$36.2M20222023: -$3.6M-$3.6M2023−90%2024: $11.0M$11.0M20242025: $177.8M$177.8M2025+1523%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.6

Period ending2025-12-312024-12-312023-12-31
Investment income$0$0$0
Sponsor's Fee, related party$1.3M$296.0K$270.0K
Net investment loss-$1.3M-$296.0K-$270.0K
Net realized gain (loss) on investment in ZEC$97.0K-$906.0K-$934.0K
Net change in unrealized appreciation/depreciation on investment in ZEC$179.0M$12.2M-$2.4M
Net realized and unrealized gain (loss) on investment$179.1M$11.2M-$3.3M
Net increase (decrease) in net assets resulting from operations$177.8M$11.0M-$3.6M

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Corporate structure

Zcash ETF sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Zcash ETF

  • Michal Adam Karminski Filed SCHEDULE 13G/A on Zcash ETF, latest Oct 6, 2026 (2 filings since Sep 25, 2026)
  • Zcash ETF Stamford, Connecticut

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer of the Sponsor of the Issuer. Director of the sole managing member of the sole member of the Sponsor of the Issuer.Edward McGee named Jan 5, 202610
  • Executive Officer of the Sponsor of the Issuer. Director of the sole managing member of the sole member of the Sponsor of the Issuer.Peter Mintzberg named Jan 5, 202610
  • Chairperson of the Board of the sole managing member of the sole member of the Sponsor of the Issuer.Barry Silbert named Jan 5, 202610
  • Director of the sole managing member of the sole member of the Sponsor of the Issuer.Mark Shifke named Jan 5, 202610
  • Director of the sole managing member of the sole member of the Sponsor of the Issuer.Simon Koster named Jan 5, 202610

Former names

  • Grayscale Zcash Trust (ZEC)Jan 17, 2019 to Aug 21, 20262
  • Zcash Investment TrustOct 25, 2017 to Dec 21, 20182

Timeline

  1. Oct 5, 20268-K Entered a material agreement11
  2. Sep 30, 20268-K Other events12
  3. Sep 18, 20268-K Other events13
  4. Sep 8, 20268-K Other events14
  5. Aug 21, 20268-K Other events15
  6. Jul 2, 20268-K Executive or director change16
  7. Mar 25, 20268-K Other events17
  8. Mar 10, 20268-K Entered a material agreement; Shareholder vote18
  9. Dec 23, 20258-K Other events19
  10. Dec 3, 20258-K Other events20
  11. Oct 24, 20258-K Other events21
  12. Oct 14, 20258-K Executive or director change22

Filings

240 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 35 major events, 2 large holders, 5 private raises, 181 other. The latest 20:

  1. Oct 6, 2026SCHEDULE 13G/A EDGAR
  2. Oct 5, 2026424B3 EDGAR
  3. Oct 5, 20268-K EDGAR
  4. Sep 30, 20268-K EDGAR
  5. Sep 25, 2026SCHEDULE 13G EDGAR
  6. Sep 18, 20268-K EDGAR
  7. Sep 8, 20268-K EDGAR
  8. Aug 25, 2026424B3 EDGAR
  9. Aug 24, 2026EFFECT EDGAR
  10. Aug 24, 2026424B3 EDGAR
  11. Aug 24, 2026POS EX EDGAR
  12. Aug 24, 20268-A12B EDGAR
  13. Aug 24, 2026CERT NYSE ARCA CERTIFICATION EDGAR
  14. Aug 21, 20268-K EDGAR
  15. Aug 21, 2026S-3/A EDGAR
  16. Aug 18, 2026S-3/A EDGAR
  17. Aug 4, 202610-Q EDGAR
  18. Jul 31, 2026S-3/A EDGAR
  19. Jul 2, 20268-K EDGAR
  20. May 8, 202610-Q EDGAR

The 240 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Michal Adam KarminskiSCHEDULE 13G/A, 2 filings Sep 25, 2026 to Oct 6, 202623

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$57.3M 2017–2017
Money received by yearMoney received by year, 2017–2017: $57.3M in all. Private raises (Form D) $57.3M.$0$20M$40M$60M2017 · Private raises (Form D): $57.3M2017
Figures by year
YearPrivate raises (Form D)Total
2017$57.3M$57.3M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Oct 24, 2017Raised $57.3 million in a private offering of securities10 Form D: 215 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Horizon Kinetics Asset Management LLC17,883$479.3K0.0%+2,710
Hantz Financial Services, Inc.21$10.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Zcash ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARZcash ETF1
  • CIK0001720265
  • Employer ID (EIN)82-66461133
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address290 Harbor Drive, 4Th Floor, Stamford, CT 069021
  • Phone212-668-14271
  • Shares outstanding4,829,300 as of Jul 30, 20268
  • Public float$14.4M as of Jun 30, 20253
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 25, 20171
  • Filings246 in all: 144 (148), 8-K (35), 10-Q (13), D/A (10), S-3/A (5), UPLOAD (5), 10-K (4), CORRESP (4)1
    All 23 form types

    10-12G/A (3), 424B3 (3), FWP (3), SEC STAFF LETTER (2), 10-12G (1), 8-A12B (1), CERT (1), D (1), DEF 14A (1), EFFECT (1), POS EX (1), PRE 14A (1), S-3 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Feb 12, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
ZCSH

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Zcash ETF names in Item 1A of its 10-K filed Mar 12, 2026: 71 risks under these headings, as written.3

  • The trading prices of many digital assets, including ZEC, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including declines in the trading prices of ZEC, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets such as ZEC were only introduced within the past two decades, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Digital assets represent a relatively new and rapidly evolving industry, and the value of the Shares depends on the acceptance of ZEC.
  • Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s or protocol’s ability to grow and respond to challenges.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset’s underlying network, could have an adverse effect on the market price of such digital asset.
  • If the digital asset rewards for mining blocks and transaction fees for recording transactions on the Zcash Network are not sufficiently high to incentivize miners, or if certain jurisdictions continue to limit or otherwise regulate mining activities, miners may cease expanding processing power or demand high transaction fees, which could negatively impact the value of ZEC and the value of the Shares.
  • If a malicious actor or botnet obtains control of more than 50% of the processing power on the Zcash Network, or otherwise obtains control over the Zcash Network through its influence over core developers or otherwise, such actor or botnet could manipulate the Blockchain to adversely affect the value of the Shares or the ability of the Trust to operate.
  • A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares.
  • In the event of a hard fork of the Zcash Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
  • Any name change and any associated rebranding initiative by the core developers of ZEC may not be favorably received by the digital asset community, which could negatively impact the value of ZEC and the value of the Shares.
The other 59 risks
  • The cryptography used to enhance the privacy of transactions on the Zcash Network is new and could ultimately fail, or could be used to facilitate illicit activities, and businesses that facilitate transactions in ZEC could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of ZEC and the value of the Shares.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • The value of the Shares relates directly to the value of ZEC, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
  • Due to the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms, they may experience fraud, market manipulation, business failures, security failures or operational problems, which may adversely affect the value of ZEC and, consequently, the value of the Shares.
  • Digital Asset Trading Platforms may be exposed to front-running.
  • Digital Asset Trading Platforms may be exposed to wash-trading.
  • The Index has a limited history and a failure of the Index Price could adversely affect the value of the Shares.
  • The Index Price used to calculate the value of the Trust’s ZEC may be volatile, and purchasing activity in the Digital Asset Markets associated with Basket creations may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.
  • Competition from the emergence or growth of other digital assets could have a negative impact on the price of ZEC and adversely affect the value of the Shares.
  • Congestion or delay on the Zcash Network may delay purchases or sales of ZEC by the Trust.
  • The SEC has approved generic listing standards for commodity-based trust shares and may approve other applications under Rule 19b-4 of the Exchange Act to list competing digital assets as exchange-traded products, which could reduce demand for, and the price of, ZEC and adversely impact the value of the Shares.
  • Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the price of ZEC and other digital assets.
  • Prices of ZEC may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
  • The Trust relies on third-party service providers to perform certain functions essential to the affairs of the Trust and the replacement of such service providers could pose challenges to the safekeeping of the Trust’s ZEC and to the operations of the Trust.
  • The Trust is an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companies may make the Shares less attractive to investors.
  • Because of the holding period under Rule 144, the lack of an ongoing redemption program and the Trust’s ability to halt creations from time to time, there is no arbitrage mechanism to keep the value of the Shares closely linked to the Index Price and the Shares have historically traded at a substantial premium over, or a substantial discount to, the NAV per Share.
  • The Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-concurrent trading hours between OTCQX and the Digital Asset Trading Platform Market.
  • Shareholders may suffer a loss on their investment if the Shares trade above or below the Trust’s NAV per Share.
  • The amount of the Trust’s assets represented by each Share will decline over time as the Trust pays the Sponsor’s Fee and Additional Trust Expenses, and as a result, the value of the Shares may decrease over time.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of ZEC.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • The restrictions on transfer and redemption may result in losses on the value of the Shares.
  • Affiliates of the Trust previously entered into a settlement agreement with the SEC concerning the operation of one such affiliate’s former redemption programs.
  • There is no guarantee that an active trading market for the Shares will continue to develop.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • Security threats to the Digital Asset Account could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the value of the Shares.
  • ZEC transactions are irrevocable and stolen or incorrectly transferred ZEC may be irretrievable. As a result, any incorrectly executed ZEC transactions could adversely affect the value of the Shares.
  • The lack of full insurance and shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Transfer Agent and Custodian expose the Trust and its shareholders to the risk of loss of the Trust’s ZEC for which no person or entity is liable.
  • The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to shareholders.
  • The Trust Agreement includes provisions that limit shareholders’ voting rights and restrict shareholders’ right to bring a derivative action.
  • The Sponsor is solely responsible for determining the value of the NAV and NAV per Share and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting the value of the Shares.
  • The Trust’s delivery or sale of ZEC to pay expenses or other operations of the Trust could result in shareholders’ incurring tax liability without an associated distribution from the Trust.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian under the Trust Documents.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • Pandemics, epidemics and other natural and man-made disasters could negatively impact the value of the Trust’s holdings and/or significantly disrupt its affairs.
  • Shareholders may not receive the benefits of any forks or airdrops.
  • The Sponsor may implement restatements, amendments or supplements to the Trust Agreement that may not necessarily align with shareholder interests.
  • The Sponsor may implement restatements, amendments or supplements to the Trust Agreement that may increase risk to the Trust’s intended tax treatment.
  • A determination that ZEC or any other digital asset is a “security” may adversely affect the value of ZEC and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
  • Regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies may affect the value of the Shares or restrict the use of ZEC, mining activity or the operation of the Zcash Network or the Digital Asset Markets in a manner that adversely affects the value of the Shares.
  • Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
  • Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, mining activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.
  • If regulators or public utilities take actions that restrict or otherwise impact mining activities, there may be a significant decline in such activities, which could adversely affect the Zcash Network and the value of the Shares.
  • If regulators subject an Authorized Participant, the Trust or the Sponsor to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares.
  • Statutory or regulatory changes or interpretations could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust.
  • The treatment of the Trust for U.S. federal income tax purposes is uncertain.
  • The treatment of digital assets for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
  • Future developments in the treatment of digital assets for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
  • The tax treatment of ZEC and transactions involving ZEC for state and local tax purposes is not settled.
  • A U.S. tax-exempt shareholder may recognize “unrelated business taxable income” as a consequence of an investment in Shares.
  • Non-U.S. Holders may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.
  • Because the Sponsor and the Trust’s sole Authorized Participant are affiliated with each other, the Trust’s Baskets will not be exchanged for ZEC in arm’s-length transactions.
  • DCG is a minority interest holder in Kraken, which operates one of the Digital Asset Trading Platforms included in the Index Price.
  • Shareholders cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Trust.
  • Although the Custodian is a fiduciary with respect to the Trust’s assets, if the Custodian resigns or is removed by the Sponsor or otherwise, without replacement, it would trigger early termination of the Trust.
  • Shareholders may be adversely affected by the lack of independent advisers representing investors in the Trust.

Legal proceedings

Grayscale Operating, LLC, the former Co-Sponsor of the Trust until May 3, 2025, was a party to certain legal proceedings during the period covered by this report. Although the Trust is not a party to these proceedings, the Trust may in the future be subject to legal proceedings or disputes.

On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its affiliates including GSO alleging that Genesis Capital made certain preferential transfers to GSI, the predecessor in interest to GSO prior to the Merger, during the preference period prior to Genesis Capital’s filing of a bankruptcy petition in SDNY Bankruptcy Court while GSI was allegedly an insider to Genesis Capital pursuant to 11 U.S.C. § 101(31). Genesis Capital seeks to avoid the alleged preferential transfers pursuant to 11 U.S.C. § 547(b), as well as recovery of property and disallowance of claims. Genesis Capital is seeking to avoid transfers to GSI, the predecessor in interest to GSO prior to the Merger, of 105 Bitcoin and 37,647.06 Ethereum Classic tokens. GSO believes this lawsuit is without merit and intends to vigorously defend against it.

As of the date of this Annual Report, the Sponsor does not expect the foregoing proceedings to have a material adverse effect on the Trust’s business, financial condition or results of operations.

The Sponsor and/or the Trust may be subject to additional legal proceedings and disputes in the future.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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