Grayscale Zcash Trust (ZEC) (Trust) is a passive investment vehicle, which is managed and administered by the Sponsor. The Trust’s purpose is to hold Zcash (ZEC), which are digital assets that are created and transmitted through the operations of the peer-to-peer Zcash Network, which is a decentralized network of computers that operates on cryptographic protocols. The Trust’s investment objective is for the value of the shares to reflect the value of ZEC held by the Trust, less expenses, and other liabilities. It also engages in administrative and security procedures necessary to accomplish activities in accordance with the provisions of the trust agreement, the custodian agreement, the index license agreements, and the participant agreements. The Trust’s markets participants include Miners, Investment and Speculative Sector, Retail Sector, and Service Sector. Grayscale Investments, LLC acts as the Sponsor of the Trust.