Company: ZCSH
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000950170-25-035469
Chunk: 234

Company: Grayscale Zcash Trust (ZEC)
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 234
---
5/2024
     
    $
    56.12

    $
    56.12

Secondary Market Trading 

The Trust’s Shares have been quoted on OTCQX under the symbol “ZCSH” since October 18, 2021. The price of the Shares as quoted on OTCQX has varied significantly from the NAV per Share. From October 18, 2021 to December 31, 2024, the maximum premium of the closing price of the Shares quoted on OTCQX over the value of the Trust’s NAV per Share was 240%, the average premium was 72%, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Trust’s NAV per Share was 55%, and the average discount was 22%. The closing price of the Shares, as quoted on OTCQX at 4:00 p.m., New York time, on each business day between October 18, 2021 and December 31, 2024, has been quoted at a discount on 482 days. As of December 31, 2024, the last business day of the period, the Trust’s Shares were quoted on OTCQX at a premium of 22% to the Trust’s NAV per Share.

91 

The following table sets out the range of high and low closing prices for the Shares as reported by OTCQX, the Trust’s Principal Market NAV per Share calculated in accordance with U.S. GAAP and the Trust’s NAV per Share for each of the quarters of the prior three years.

    High

    Low

    OTCQX

    Principal Market NAV perShare(1)

    NAV per Share(2)

    OTCQX

    Principal Market NAV perShare(1)

    NAV per Share(2)

    2022

    First quarter
     
    $
    16.49

    $
    18.35

    $
    18.35

    $
    5.52

    $
    7.66

    $
    7.66

    Second quarter
     
    $
    14.89

    $
    17.29

    $
    17.28

    $
    4.57

    $
    4.73

    $
    4.72

    Third quarter
     
    $
    7.30

    $