Grayscale Zcash Trust Reports Unregistered Equity Sales

TL;DR

Grayscale Zcash Trust filed an 8-K for unregistered equity sales as of Sept 30, 2025.

AI Summary

On September 30, 2025, Grayscale Zcash Trust (ZEC) filed an 8-K report detailing unregistered sales of equity securities. The filing, submitted on October 3, 2025, indicates a change in the company's status or operations related to these sales. The trust, formerly known as Zcash Investment Trust, is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing signals potential new equity issuances by the Grayscale Zcash Trust, which could impact the supply and potentially the price of Zcash tokens held by the trust.

Risk Assessment

Risk Level: medium — Unregistered sales can sometimes indicate regulatory scrutiny or a need for capital, which could pose risks to investors.

Key Numbers

• 000-56433 — Commission File Number (Identifies the specific SEC filing record for the company.)
• 82-6646113 — IRS Employer Identification No. (Tax identification number for the entity.)

Key Players & Entities

• Grayscale Zcash Trust (ZEC) (company) — Registrant
• Zcash Investment Trust (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• September 30, 2025 (date) — Date of earliest event reported
• October 3, 2025 (date) — Filing date

FAQ

Key Financial Figures

• $250,545 — gate of 4,289.95115626 ZEC representing $250,545. Grayscale Securities, LLC ("Grayscale

Filing Documents

• zcsh-20250930.htm (8-K) — 45KB
• 0001193125-25-230061.txt ( ) — 152KB
• zcsh-20250930.xsd (EX-101.SCH) — 28KB
• zcsh-20250930_htm.xml (XML) — 5KB

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities. Since the sales reported on the most recently filed Current Report on Form 8-K by Grayscale Zcash Trust (ZEC) (the "Trust"), the Trust issued 52,300 Shares at varying prices determined by reference to its NAV per Share to selected "accredited investors," within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder for an aggregate of 4,289.95115626 ZEC representing $250,545. Grayscale Securities, LLC ("Grayscale Securities") acted as the Authorized Participant with respect to these distributions. As a result, there are 4,811,500 Shares issued and outstanding as of October 3, 2025. Because Shares have been, and continue to be, created and issued on a periodic basis, a "distribution," as such term is used in the Securities Act, may be occurring from time to time. As a result, Grayscale Securities, as Authorized Participant facilitating the creation of Shares and as distributor and marketer, may be deemed an "underwriter" under Section 2(a)(11) of the Securities Act. No underwriting discounts or commissions were paid to Grayscale Securities with respect to such sales.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Grayscale Investments Sponsors, LLC, as Sponsor of Grayscale Zcash Trust (ZEC) Date: October 3, 2025 By: /s/ Edward McGee Name: Edward McGee Title: Chief Financial Officer * * The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

View Full Filing

View this 8-K filing on SEC EDGAR