Monitor for NYSE Arca listing effective date and initial trading dynamics. The reinstated redemption program should enable arbitrage to narrow the current ~18% discount to NAV. Watch for creation/redemption activity and Sponsor's Fee disclosure in the final prospectus.
Price Chart
Executive Summary
Grayscale Zcash Trust (ZCSH) filed Amendment No. 3 to its S-3 shelf registration, registering an indeterminate number of Shares for continuous offering. The Trust intends to list on NYSE Arca, rename to Grayscale Zcash ETF, and operate a redemption program, which could help close the historical discount to NAV. The filing is a structural conversion, not a capital raise, and carries no specific offering size or pricing.
Key Facts
- Registration of an indeterminate number of Shares for continuous offering on NYSE Arca under symbol ZCSH.
- Trust intends to rename to Grayscale Zcash ETF upon effectiveness.
- Redemption program to be reinstated, potentially reducing the historical discount to NAV (18.07% discount as of July 29, 2026).
- Sponsor's Fee percentage left as placeholder in the prospectus.
- Net assets fell from $200.4M (Dec 2025) to $99.4M (Mar 2026) due to ZEC price decline.
- Trust holds 391,103.88769118 ZEC as of March 31, 2026, representing ~2.3% of circulating supply.
Financial Impact
No specific offering size or pricing disclosed; registration covers an indeterminate number of Shares.
Risk Factors
- Shares may continue to trade at a discount to NAV if redemption program is suspended or arbitrage mechanism fails.
- Regulatory changes or delisting from Digital Asset Trading Platforms could impact ZEC liquidity and Trust operations.
- No assurance that the Trust will achieve its investment objective of tracking ZEC price less expenses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3/A Filing (Primary) | 0001193125-26-327131 |
| Document: zcsh-ex4_2.htm | 0001193125-26-327131 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | SC 13G/A | $35.35 $30.86 | ▼ −12.70% | ▼ −11.72% | $34.64 (−2.01%) |
Oct 5, 2026 22d ago | 8-K | $36.07 $32.41 | ▼ −10.15% | ▼ −10.01% | $34.64 (−3.96%) |
Sep 30, 2026 27d ago | 8-K | $37.94 $35.35 | ▼ −6.83% | ▼ −8.74% | $34.64 (−8.70%) |
Sep 25, 2026 4w ago | SC 13G | $41.16 $34.04 | ▼ −17.29% | ▼ −17.07% | $34.64 (−15.83%) |
Sep 18, 2026 5w ago | 8-K | $39.24 $41.16 | ▲ +4.88% | ▲ +3.62% | $34.64 (−11.72%) |
Aug 25, 2026 9w ago | EFFECT | $63.10 $66.59 | ▲ +5.53% | ▲ +6.07% | $34.64 (−45.10%) |
Aug 21, 2026 9w ago | S-3/A | $64.09 $68.95 | ▲ +7.58% | ▲ +7.11% | $34.64 (−45.95%) |
Jul 31, 2026 12w ago | S-3/A | $10.33 $12.91 | ▲ +24.97% | ▲ +21.46% | $34.64 (+235.23%) |
US Market Status
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