Grayscale Zcash Trust (ZEC) 8-K

What Happened
Grayscale Investments Sponsors, LLC (the Sponsor) filed an 8-K (Item 8.01) on March 25, 2026 announcing that, effective April 1, 2026, the Grayscale Zcash Trust (ZEC) will value the ZEC it holds for operational purposes by reference to the CoinDesk Zcash Benchmark Rate. Prior to April 1, 2026 the Trust used the CoinDesk Zcash Price Index (ZCX). The Trust’s NAV and NAV per share will use the Benchmark Rate going forward.

Key Details

• Effective date: April 1, 2026; filing date: March 25, 2026 (8-K, Item 8.01).
• Constituent trading platforms included in the Benchmark Rate (as of March 25, 2026): Binance, Gemini, Kraken, and OKX.
• The Index Price (CoinDesk Zcash Benchmark Rate) is a USD-denominated, volume-weighted real-time composite price calculated every 5 seconds and used to value ZEC at 4:00 p.m. New York time on each business day.
• Fallback/cascade if the Index is unavailable: (1) obtain Index from Index Provider; (2) use Coin Metrics Real‑Time Rate (secondary); (3) use Trust’s principal market feed (tertiary); (4) Sponsor’s good-faith estimate.
• Index methodology highlights: volume weighting, FX conversion to USD, outlier detection, inactivity adjustment, and periodic reviews; Index Provider can change methodology and constituent venues and has discretion under the Index License Agreement (dated Feb 1, 2022).

Why It Matters
This is an operational change to how the Trust’s ZEC holdings are priced for NAV and NAV per share. Investors should note that periods before April 1, 2026 reference the CoinDesk Zcash Price Index (ZCX) and periods on/after that date reference the CoinDesk Zcash Benchmark Rate, which may affect NAV calculations and historical comparability. The filing also describes the Index’s construction, constituent selection criteria (including licensing/KYC/AML expectations and eligible jurisdictions), and the Sponsor’s fallback rules if the Index becomes unavailable. The Sponsor will disclose material changes to the Index methodology or constituents in its periodic or current reports.