Grayscale Zcash Trust (ZCSH) is a Delaware Statutory Trust that holds Zcash (ZEC), a privacy-focused digital asset, and issues shares that track ZEC's price. The Trust gives investors — particularly institutional accounts that cannot or prefer not to hold digital assets directly — a regulated, securities-law-compliant way to gain ZEC exposure without managing wallets, private keys, or digital asset exchanges. Coinbase Custody holds the ZEC in cold storage, and the Trust is entirely passive, generating no yield or income. Shares are issued to accredited investors via private placements, and after a six-month holding period, investors can sell on the OTCQX marketplace. As of December 31, 2025, each share represented approximately 0.0815 ZEC. Grayscale charges a Sponsor's Fee of 2.5% of NAV annually, accrued daily and paid in ZEC — the Trust's only recurring expense, which covers custodian, legal, audit, and marketing costs. Because the fee is paid in ZEC, each share's ZEC entitlement gradually declines over time. Shareholder returns depend entirely on ZEC price movements, net of the annual fee drag. A key structural limitation is the absence of a redemption program, which breaks the arbitrage mechanism that normally keeps share prices in line with NAV; as of December 31, 2025, shares traded at a 24% discount to NAV. Grayscale has filed to convert the Trust into an ETF listed on NYSE Arca, which would introduce redemptions and restore price-to-NAV alignment, though SEC approval remains pending.