Company: ZCSH
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000950170-25-035469
Chunk: 69

Company: Grayscale Zcash Trust (ZEC)
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 69
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 a money transmitter in various U.S. states. Kraken does not hold a BitLicense. 

Gemini: A U.S.-based trading platform registered as an MSB with FinCEN and licensed as money transmitter in various U.S. states. Gemini is exempt from applying for a BitLicense under the framework established by NYDFS because of their trust charter under NY Banking Law.

Currently, there are several Digital Asset Trading Platforms operating worldwide and online Digital Asset Trading Platforms represent a substantial percentage of ZEC buying and selling activity and provide the most data with respect to prevailing valuations of ZEC. These trading platforms include established trading platforms such as trading platforms included in the Index which provide a number of options for buying and selling ZEC. The below table reflects the trading volume in ZEC and market share of the ZEC-U.S. dollar trading pairs of each of the Digital Asset Trading Platforms included in the Index as of December 31, 2024 (collectively, “Constituent Trading Platforms”), using data since the inception of the Trust: 

    Digital Asset Trading Platforms included in the Index as of December 31, 2024(1)
     
    Volume (ZEC)

    Market Share(2)

    Coinbase

    56,181,296

    35.13
    %

    Bitfinex

    29,900,943

    18.70
    %

    Kraken

    20,350,098

    12.73
    %

    Gemini

    10,010,526

    6.26
    %

    Total ZEC-USD trading pair

    116,442,863

    72.82
    %

(1)On July 28, 2024, the Index Provider added Bitfinex to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement as part of its scheduled quarterly review, and removed Gemini from the Index due to the trading platform failing to meet the Index Provider’s minimum liquidity requirement. On December 22, 2024, the Index Provider added back Gemini to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and did not remove any Constituent Trading Platforms as part of its scheduled quarterly review.

(2)Market share is calculated using trading volume (in ZEC) for certain Digital Asset Trading Platforms including, Coinbase, Gemini, Bitfinex and Kraken, as well as certain other large U.S.-dollar den