Company: ZCSH
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000950170-25-035469
Chunk: 293

Company: Grayscale Zcash Trust (ZEC)
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 293
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 1. Business—Overview of the ZEC Industry and Market—ZEC Value—The Index and the Index Price” for a description of the Index and the Index Price. The Digital Asset Trading Platforms included in the Index as of December 31, 2024 were Coinbase, Kraken, Bitfinex and Gemini. The Digital Asset Trading Platforms included in the Index as of December 31, 2023 were Coinbase, Kraken and Gemini. The Digital Asset Trading Platforms included in the Index as of December 31, 2022 were Coinbase, Kraken, and Binance.US. 

For accounting purposes, the Trust reflects creations and the ZEC receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of ZEC is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program.

As of December 31, 2024, the Trust had a net closing balance with a value of $22,114,265, based on the Index Price (non-GAAP methodology). As of December 31, 2024, the Trust had a total market value of $22,039,648, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).

As of December 31, 2023, the Trust had a net closing balance with a value of $8,977,069, based on the Index Price (non-GAAP methodology). As of December 31, 2023, the Trust had a total market value of $8,960,889, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).

As of December 31, 2022, the Trust had a net closing balance with a value of $12,542,314, based on the Index Price (non-GAAP methodology). As of December 31, 2022, the Trust had a total market value of $12,542,314, based on the Digital Asset Market price of ZEC on the Trust’s principal market (Coinbase).

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Historical NAV and ZEC Prices 

As movements in the price of ZEC will directly affect the price of the Shares, investors should understand recent