8-K: Grayscale Zcash Trust Index Update: Bitfinex Removed

CoinDesk Indices removed Bitfinex from the Grayscale Zcash Trust's Zcash Price Index due to liquidity issues, effective December 21, 2025.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Zcash Trust (ZEC), announced a change to the Digital Asset Trading Platforms used to derive the Index Price.
• Effective December 21, 2025, Bitfinex was removed from the CoinDesk Zcash Price Index (ZCX).
• The removal was due to Bitfinex failing to meet the Index Provider's minimum liquidity requirement.
• No new Constituent Trading Platforms were added during the scheduled quarterly review.
• As of the report date, the Constituent Trading Platforms included in the Index are Coinbase, Kraken, and Gemini.

Sentiment

Score: 5

Explanation: The filing reports a factual change in the underlying index's constituent trading platforms due to a platform failing liquidity requirements, which is a neutral operational update for the Trust but highlights volatility in the crypto exchange landscape.

Negatives

• Bitfinex was removed from the CoinDesk Zcash Price Index due to failing the Index Provider's minimum liquidity requirement, highlighting potential volatility or risk associated with certain digital asset trading platforms.

Risks

• The Index Provider may change the trading venues used to calculate the Index Price or alter the calculation methodology at any time, which could impact the Trust's underlying index.
• The reliance on third-party trading platforms for index calculation exposes the Trust to risks associated with the operational and financial health of these platforms, as demonstrated by Bitfinex's removal due to liquidity issues.

Future Outlook

The Index Provider has scheduled quarterly reviews during which it may add or remove Constituent Trading Platforms based on predefined criteria. The Index Provider retains the right to change trading venues or calculation methods at any time.

Management Comments

• Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, signed the report on behalf of Grayscale Zcash Trust (ZEC) in his capacity as an authorized officer of the Sponsor.

Industry Context

This announcement reflects the dynamic and evolving nature of the digital asset trading platform landscape and the ongoing efforts by index providers to maintain the integrity and reliability of their indices by adjusting constituent platforms based on predefined criteria such as liquidity.

Comparison to Industry Standards

• The filing does not provide sufficient detail to compare the Trust's performance or operational changes to specific industry benchmarks or comparable companies.

Stakeholder Impact

• Shareholders may experience minor changes in how the Trust's net asset value is calculated due to the adjustment in constituent trading platforms, though the overall impact is expected to be minimal as the Trust continues to track the Zcash price.

Next Steps

• The Index Provider will conduct scheduled quarterly reviews, during which it may add or remove Constituent Trading Platforms that satisfy or fail its criteria.

Key Dates

Recommendation

The filing details a routine operational adjustment to the underlying index's constituent trading platforms. While Bitfinex's removal due to liquidity issues is noted, it does not fundamentally alter the investment thesis for Grayscale Zcash Trust (ZEC) shares. The Trust continues to track the Zcash price, and this change reflects the Index Provider's ongoing management of index integrity. Therefore, a 'hold' recommendation is appropriate as there is no new information warranting a change in position.

Keywords

Grayscale Zcash Trust, ZEC, ZCSH, CoinDesk Zcash Price Index, ZCX, Bitfinex, Coinbase, Kraken, Gemini, Digital Asset Trading Platforms, liquidity, cryptocurrency, trust, SEC filing, 8-K