Grayscale Zcash Trust Files S-3/A Amendment No. 5 with Updated NAV and Potential DCG Contribution
ZCSH has more than doubled off its 52-week low of $3.3.
Summary
Grayscale Zcash Trust filed Amendment No. 5 to its S-3, updating NAV figures and disclosing a potential DCG contribution of 200,000 ZEC tokens that could give DCG majority control.
Key Events · Financing and Capital Events · ZCSH
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S-3 Amendment No. 5 Filed
On August 21, 2026, the Trust filed Amendment No. 5 to its S-3 registration statement, refreshing financial information and disclosures for the proposed NYSE Arca listing and ETF conversion.
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Updated NAV Figures
The filing reveals the Trust's NAV as of June 30, 2026 was $155,162,421, with NAV per Share of $32.13, reflecting a 56% increase in net assets from Q2 2026.
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Potential DCG Contribution
Discussions are underway with DCG International Investments Ltd. for the Potential Investor to acquire Shares in exchange for approximately 200,000 ZEC tokens, which could give DCG majority control of the Trust.
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New Risk Factor on Control
A new risk factor cautions that if the DCG contribution is consummated, DCG may own a majority of Shares and control limited voting rights, potentially conflicting with other shareholders' interests.
Analysis · ZCSH · Crypto Assets
Amendment No. 5 to the S-3 registration statement brings fresh financials and a potential DCG contribution into focus. The Trust's NAV stood at $155.2 million as of June 30, 2026, and DCG may acquire Shares for roughly 200,000 ZEC tokens, a move that could hand it majority control. This update materially advances the ongoing ETF conversion process.
At the time of this filing, ZCSH was trading at $54.29 on OTC in the Crypto Assets sector. The 52-week trading range was $3.30 to $55.46. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.