This is a procedural shelf filing to enable the trust's conversion to an ETF and NYSE Arca listing. The key catalyst is the effectiveness of the registration statement and the start of NYSE Arca trading, which the Sponsor expects will close the historical discount to NAV. Monitor for the effective date and the first day of NYSE Arca trading for potential NAV convergence. The non-binding potential contribution from a DCG affiliate adds uncertainty regarding future share supply.
Price Chart
Executive Summary
Grayscale Zcash Trust (ZEC) filed Amendment No. 5 to its S-3 shelf registration statement, a procedural step toward listing its shares on NYSE Arca as an ETF. The filing registers an indeterminate number of shares for continuous issuance and details the planned conversion from an OTCQX-traded trust to a NYSE Arca-listed ETF, including the reinstatement of a redemption program. A non-binding potential contribution arrangement with an affiliate for approximately 200,000 ZEC tokens is disclosed, but the filing itself contains no new financial data or definitive capital raise.
Key Facts
- Amendment No. 5 to S-3 registration statement filed on August 21, 2026.
- Trust intends to list shares on NYSE Arca under symbol ZCSH and rename to 'The Zcash ETF'.
- Registration covers an indeterminate number of shares for continuous issuance.
- Trust will reinstate a redemption program in conjunction with the NYSE Arca listing.
- Sponsor is in non-binding discussions with DCG International Investments Ltd. for a potential contribution of ~200,000 ZEC tokens in exchange for shares.
- As of June 30, 2026, the Trust held 388,673.68 ZEC with a fair value of $155.3 million.
- Shares traded at a 1% discount to NAV per share as of August 20, 2026, down from a 17% discount on June 30, 2026.
- Sponsor's Fee is 2.5% annually; Sponsor intends to use 100% of the fee for marketing and Zcash Network development for up to 12 months post-effectiveness.
Financial Impact
No new capital raised in this filing. The S-3 registers an indeterminate number of shares for future issuance. As of June 30, 2026, the Trust had net assets of $155.3 million and 4,829,300 shares outstanding.
Risk Factors
- The S-3 allows for future share issuance, which could be dilutive if executed.
- The potential contribution arrangement with a DCG affiliate is non-binding and could result in a large concentrated shareholder position.
- The Trust's investment objective is to track ZEC price less expenses; historically, shares have traded at significant premiums and discounts to NAV.
- The Zcash Network faces risks including a recent critical vulnerability disclosure and regulatory uncertainty around privacy tokens.
- The Trust relies on a limited number of Authorized Participants and Liquidity Providers, which could impact liquidity and the arbitrage mechanism.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3/A Filing (Primary) | 0001193125-26-361067 |
| Document: zcsh-ex99_3.htm | 0001193125-26-361067 |
| Document: zcsh-ex99_18.htm | 0001193125-26-361067 |
| Document: zcsh-ex3_2.htm | 0001193125-26-361067 |
| Document: zcsh-ex3_1.htm | 0001193125-26-361067 |
| Document: zcsh-ex23_1.htm | 0001193125-26-361067 |
| Document: zcsh-ex23_2.htm | 0001193125-26-361067 |
| Document: 0001193125-26-361067-index-headers.html | 0001193125-26-361067 |
| Document: 0001193125-26-361067-index.html | 0001193125-26-361067 |
| Document: 0001193125-26-361067.txt | 0001193125-26-361067 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | SC 13G/A | $35.35 $30.86 | ▼ −12.70% | ▼ −11.72% | $33.69 (−4.70%) |
Oct 5, 2026 21d ago | 8-K | $36.07 $32.41 | ▼ −10.15% | ▼ −10.01% | $33.69 (−6.60%) |
Sep 30, 2026 27d ago | 8-K | $37.94 $35.35 | ▼ −6.83% | ▼ −8.74% | $33.69 (−11.20%) |
Sep 25, 2026 4w ago | SC 13G | $41.16 $34.04 | ▼ −17.29% | ▼ −17.07% | $33.69 (−18.14%) |
Sep 18, 2026 5w ago | 8-K | $39.24 $41.16 | ▲ +4.88% | ▲ +3.62% | $33.69 (−14.14%) |
Aug 25, 2026 9w ago | EFFECT | $63.10 $66.59 | ▲ +5.53% | ▲ +6.07% | $33.69 (−46.61%) |
Aug 21, 2026 9w ago | S-3/A | $64.09 $68.95 | ▲ +7.58% | ▲ +7.11% | $33.69 (−47.43%) |
Jul 31, 2026 12w ago | S-3/A | $10.33 $12.91 | ▲ +24.97% | ▲ +21.46% | $33.69 (+226.03%) |
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