Monitor for any subsequent amendment converting this 13G to a 13D, which would signal activist intent. The 8.44% stake is large enough to be influential if the investor changes strategy.
Price Chart
Executive Summary
Michal Adam Karminski filed a Schedule 13G disclosing beneficial ownership of 680,019 shares of Zcash ETF, representing 8.44% of shares outstanding. The filing is passive under Rule 13d-1(c), indicating no intent to influence control. This is a notable but non-activist stake in a crypto-focused ETF.
Key Financial Metrics
Key Facts
- Michal Adam Karminski disclosed a 8.44% passive stake in Zcash ETF via Schedule 13G
- Total beneficial ownership: 680,019 shares
- Filing made under Rule 13d-1(c) — no intent to influence control
- Subject company is a commodity contracts broker/dealer in crypto assets (SIC 6221)
- Filing date: September 25, 2026
Financial Impact
8.44% stake valued at approximately $680,019 based on share count (no per-share price provided in filing)
Risk Factors
- Passive 13G status could convert to activist 13D, introducing governance pressure
- Crypto ETF sector volatility may affect stake value and investor behavior
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G Filing (Primary) | 0002157255-26-000001 |
| Document: 0002157255-26-000001-index.html | 0002157255-26-000001 |
| Document: 0002157255-26-000001.txt | 0002157255-26-000001 |
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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