Zcash ETF

Grayscale Zcash Trust (ZEC) operates as a passive investment trust established to hold Zcash (ZEC). The trust issues shares representing fractional undivided beneficial ownership interests in its underlying digital assets. Through these shares, accredited institutional and individual investors gain direct, cost-effective economic exposure to Zcash price movements without needing to directly purchase, trade, or independently store cryptocurrency private keys. The trust does not operate active commercial segments, manage operations, or employ leverage and derivatives.

The trust conducts its administrative operations from principal executive offices in Stamford, Connecticut, and stores its digital asset private keys in geographically distributed offline vaults across the world, including within the United States. Incorporated as a Delaware statutory trust, the entity possesses no physical branch network or retail customer stores. As of December 31, 2025, the trust holds roughly 2.4% of all circulating ZEC tokens.

Summary of the business section of Zcash ETF's latest annual report, written by StockData.