Grayscale Zcash Trust (ZEC) 8-K

What Happened Grayscale Zcash Trust (ZEC / ZCSH) filed an 8-K on Dec 23, 2025 reporting that CoinDesk Indices, Inc. removed Bitfinex from the CoinDesk Zcash Price Index (ZCX) effective December 21, 2025. CoinDesk said Bitfinex failed to meet its minimum liquidity requirement and did not add any new trading venues in its scheduled quarterly review. As of the filing, the Index’s constituent trading platforms are Coinbase, Kraken and Gemini. The report was signed by Edward McGee on behalf of the Trust’s sponsor.

Key Details

• Index Provider: CoinDesk Indices, Inc.
• Effective date of change: December 21, 2025; 8-K filed December 23, 2025.
• Removed venue: Bitfinex (removed for failing minimum liquidity requirement).
• Remaining Constituent Trading Platforms: Coinbase, Kraken, Gemini.
• CoinDesk may change venues or index calculation methods at any time and conducts scheduled quarterly reviews (per the Trust’s Form 10-K disclosure).

Why It Matters The CoinDesk Zcash Price Index (ZCX) is used to derive the Index Price that underlies the Trust’s quoted valuation. Removing Bitfinex changes which exchange feeds are used to calculate that Index Price, which can affect how the Trust’s market price and NAV are determined. The 8-K reports only this index venue change; it does not announce any change to the Trust’s investment objective or holdings. Investors tracking ZEC price dynamics, spreads or index-based valuation should note the updated set of exchanges used by the index.