Grayscale Zcash Trust

Grayscale Zcash Trust (ZEC) is a Delaware Statutory Trust formed on October 23, 2017. The Trust's primary purpose is to hold Zcash ("ZEC"), which is an alternative software implementation of Bitcoin created in 2016. As of December 31, 2025, the Trust holds approximately 2.4% of the ZEC in circulation. The Trust's position does not allow it or its Sponsor to influence the development of the Zcash Network. The Zcash Network is a decentralized digital asset network with various stakeholders, and ownership of ZEC does not grant governance rights within the network. On January 11, 2019, the Trust changed its name from Zcash Investment Trust to Grayscale Zcash Trust (ZEC). The Trust issues common units of fractional undivided beneficial interest, called "Shares," to accredited investors in exchange for deposits of ZEC. These Shares represent ownership in the Trust and are quoted on OTC Markets Group Inc.'s OTCQX Best Market under the ticker symbol "ZCSH." As a passive investment vehicle, the Trust's investment objective is for the value of the Shares, based on ZEC per Share, to reflect the value of ZEC held by the Trust, determined by the Index Price, after accounting for the Trust's expenses and other liabilities.