Company: ZCSH
Filing Date: 2025-11-26
Form Type: S-3
Source: 0001193125-25-298561
Chunk: 20

Company: Grayscale Zcash Trust (ZEC)
Filing Date: 2025-11-26
Form: S-3
Chunk 20
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 Price becomes unavailable, or if the Sponsor determines in good faith that the Index Price does not reflect an accurate ZEC price, then the Sponsor will, on a best efforts basis, contact the Index Provider to obtain the Index Price directly from the Index Provider. If after such contact the Index Price remains unavailable or the Sponsor continues to believe in good faith that the |

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| Digital Asset Trading Platforms included in the Index as of September 30, 2025(1) |     | Volume(ZEC) |     | MarketShare(2) |
| Coinbase                                                                          |     |  61,143,746 |     | 36.38%         |
| Bitfinex                                                                          |     |  30,688,018 |     | 18.26%         |
| Kraken                                                                            |     |  22,499,556 |     | 13.39%         |
| Gemini                                                                            |     |  10,275,742 |     | 6.11%          |
| Total ZEC-U.S. Dollar trading pair                                                |     | 124,607,062 |     | 74.14%         |

|                         | (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 denominated Digital Asset Trading Platforms that were not included in the Index as of December 31, 2024, including Binance.US (data included from July 22, 2020 to June 26, 2023), Bittrex (data included from January 1, 2019 to December 3, 2023), HitBTC (data included from January 1, 2018 to December 31, 2019), and OK