Grayscale Zcash Trust (ZCSH) Form S-3/A — Aug 21, 2026
Grayscale Zcash Trust (ZEC) filed the fifth amendment to its Form S-3 shelf registration on August 21, 2026, registering an indeterminate number of trust Shares for continuous issuance ahead of a planned listing on NYSE Arca under the symbol ZCSH. Upon effectiveness, the Sponsor intends to rename the vehicle The Zcash ETF and operate an ongoing redemption program alongside in-kind creations. The conversion is designed to let authorized participants arbitrage away the extreme premiums and discounts that plagued the shares on OTCQX, where they traded at a maximum 240% premium and 55% discount historically.
Key figures
- Basket size
- 10,000 Shares per Basket
- Zec market cap
- $6.7 billion (June 30, 2026; 12th largest digital asset)
- Zec max supply
- 21 million coins
- Dcg sec penalty
- $38 million civil money penalty (January 17, 2025)
- Index price range
- $18.14 to $685.96 (Jul 1, 2021 - Jun 30, 2026; average $108.29)
- Historical avg premium
- 53%
- Historical max premium
- 240% (Oct 18, 2021 - Jun 30, 2026)
- Zec 24h trading volume
- $195.0 million (June 30, 2026)
- Zec circulating supply
- 16.7 million ZEC (June 30, 2026)
- Days quoted at discount
- 700 days
- Historical avg discount
- 19%
- Historical max discount
- 55%
- Nav discount aug 20 2026
- 1% discount to NAV per Share
- Nav discount jun 30 2026
- 17% discount to NAV per Share
- Trust share of zec supply
- approximately 2.3% of ZEC in circulation (June 30, 2026)
- Potential dcg contribution
- approximately 200,000 ZEC tokens (non-binding discussions)
- Custodial total liability cap
- greater of value involved, 12-month fees, or $5 million
- Otcqx closing price aug 20 2026
- $45.34
- Custodian cold storage liability cap
- $100 million per cold storage address
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.