Grayscale Investments Sponsors announced that it is in discussions with DCG International Investments Ltd., a subsidiary of Digital Currency Group (DCG), regarding a potential contribution of approximately 200,000 ZEC to the Zcash Trust. The talks are reflected in an amendment filed on August 18 that would move the trust to list on NYSE Arca.
Proposed Transaction Details
The trust’s sponsor indicated that the unit could acquire shares through an authorized participant in exchange for the ZEC tokens. The filing notes that the discussions are not binding, and the potential investor may decide to purchase more, fewer, or no shares.
Trust Metrics and Listing Plans
The Zcash Trust plans to list under the ticker symbol ZCSH, which currently trades on OTCQX. As of June 30, the trust reported a net asset value (NAV) of $155.2 million and held roughly 2.3% of the circulating ZEC supply. Shares closed at $36.6 on August 12, reflecting a 7% discount to NAV per share.
Since October 2021, the trust’s shares have been quoted at a discount on 700 days, with the discount ranging up to 55% and a premium reaching 240% at times. The SEC has not yet approved or disapproved the shares.
DCG’s Potential Influence
If the contribution proceeds, Grayscale’s parent could obtain a controlling position in the trust. The filing states that DCG, directly or indirectly, may own a majority of the shares representing ownership in the trust and could influence shareholder decisions.
DCG also operates mining operations related to ZEC. Fortitude Mining, a DCG subsidiary, mines ZEC and provides network infrastructure, while Foundry Digital runs a ZEC mining pool that contributed about 15.4% of the network’s hash rate for the month ending July 2026.
Additional Trust Information
The sponsor’s fee is listed in Amendment No. 4, but the annual rate remains unspecified, as does the trust’s intended new name. Coinbase Custody Trust Company holds the ZEC, and Coinbase serves as the prime broker.
Grayscale has previously converted trusts to exchange‑listed products; the SEC cleared its Digital Large Cap Fund for NYSE Arca and the manager has filed to convert its XRP trust into an ETF on the same exchange.
Market Context
ZEC price rose over 11% in the 24‑hour period ending August 19, reaching above $560, with a reported price of $550.78 on that date and a market capitalization of approximately $9.3 billion.
