Grayscale Zcash Trust (ZEC) 8-K

What Happened

• Grayscale Zcash Trust (ZEC) announced that, following shareholder approval, the Sponsor (Grayscale Investments Sponsors, LLC) and Trustee (CSC Delaware Trust Company) entered into a Second Amended and Restated Declaration of Trust and Trust Agreement dated March 9, 2026. The changes were approved via a Consent Solicitation that concluded March 3, 2026.

Key Details

• Proposal approvals (vote counts):
  • Proposal 1 (authorize cash creation/redemption baskets): For 299,134 / Against 13,480 / Abstain 200. Aggregate consent: 99.72% of outstanding shares.
  • Proposal 2 (Sponsor fee paid daily in arrears): For 248,091 / Against 63,518 / Abstain 1,205. Aggregate consent: 98.66%.
  • Proposal 3 (allow holdings in omnibus accounts for creation/redemption): For 282,530 / Against 29,905 / Abstain 379. Aggregate consent: 99.37%.
  • Proposal 4 (permit certain Sponsor-initiated amendments with notice and tax-related conditions): For 213,270 / Against 29,905 / Abstain 379. Aggregate consent: 97.94%.
• The Second Amended & Restated Trust Agreement is dated March 9, 2026 and the 8‑K was filed March 10, 2026. Shareholders who did not object within 20 days were deemed to consent.

Why It Matters

• Allowing cash creations and redemptions (rather than only in-kind ZEC transfers) changes how Authorized Participants will create and redeem baskets, which can affect liquidity and the mechanics of share issuance and redemption.
• Paying the Sponsor fee daily in arrears changes fee timing (may slightly affect NAV calculations day-to-day).
• Use of omnibus accounts by the custodian can streamline creation/redemption processes.
• The Sponsor’s new amendment powers (with required notice and tax-condition limits) give the Sponsor a defined path to make certain contract changes, including those needed for tax qualification, without separate shareholder votes in all cases.

(For full text of the Second Amended and Restated Declaration of Trust and Trust Agreement, see Exhibit 4.1 to the 8‑K.)