Company: ZCSH
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000950170-25-035469
Chunk: 21

Company: Grayscale Zcash Trust (ZEC)
Filing Date: 2025-03-07
Form: 10-K
Item: Item 16
Chunk 21
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 Grayscale Operating, LLC, as applicable.

108 

INDEX TO FINANCIAL STATEMENTS

    Page 

    Grayscale Zcash Trust (ZEC) Annual Financial Statements

    Reports of Independent Registered Public Accounting Firms (KPMG LLP, PCAOB ID 185; Marcum LLP, PCAOB ID 688)
     
    F-2

    Statements of Assets and Liabilities at December 31, 2024 and 2023
     
    F-4

    Schedules of Investment at December 31, 2024 and 2023 
     
    F-5

    Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022
     
    F-6

    Statements of Changes in Net Assets for the Years Ended December 31, 2024, 2023 and 2022 
     
    F-7

    Notes to Financial Statements
     
    F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Sponsor of

Grayscale Zcash Trust (ZEC)

Opinion on the Financial Statements 

We have audited the accompanying statement of assets and liabilities of Grayscale Zcash Trust (ZEC) (the Trust), including the schedule of investment, as of December 31, 2024, the related statements of operations, and changes in net assets for the year then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024, and the results of its operations and the changes in its net assets for the year then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion 

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,