On March 25, 2026, Grayscale Investments Sponsors, LLC, the sponsor of Grayscale Zcash Trust (ZEC), disclosed a significant update regarding the valuation methodology for the Trust's ZEC holdings. Effective April 1, 2026, the Trust will transition from using the CoinDesk Zcash Price Index (ZCX) to the CoinDesk Zcash Benchmark Rate for determining the operational value of its ZEC assets. This change aims to enhance the accuracy and reliability of the Trust's net asset value (NAV) calculations. The new Index Price will be calculated based on a more comprehensive set of trading data from major digital asset trading platforms, including Binance, Gemini, Kraken, and OKX, which are believed to comply with applicable licensing and regulatory requirements. The Trust's previous valuation method, which relied on the ZCX, will be phased out, and all references to the Index in the Trust's SEC filings will reflect this new methodology starting from the effective date. This strategic shift is expected to provide a more robust framework for assessing the Trust's asset value, potentially leading to improved investor confidence and market performance.

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