Quarterly ResultMay 8, 2026, 04:15 PM
Grayscale Zcash Trust Q1 Net Assets Halve to $99.4M; NAV $20.59
AI Summary
Grayscale Zcash Trust reported a significant decrease in net assets for the three months ended March 31, 2026, falling to $99.4 million from $200.4 million at the end of 2025. The Principal Market NAV per Share also dropped by more than 50% to $20.59. This decline was primarily driven by a substantial net change in unrealized depreciation on its Zcash investment. The Trust also noted a change in its NAV calculation index effective April 1, 2026, and a recent management reorganization within the Sponsor.
Key Highlights
- Net assets decreased to $99.4 million as of March 31, 2026, from $200.4 million at December 31, 2025.
- Principal Market NAV per Share fell to $20.59 on March 31, 2026, from $41.51 on December 31, 2025.
- Net decrease in net assets from operations was $(100.99) million for the three months ended March 31, 2026.
- Net change in unrealized depreciation on ZEC investment was $(100.70) million for the three months ended March 31, 2026.
- Total return for the three months ended March 31, 2026, was -50.40%.
- Fair value per ZEC was $254.27 on March 31, 2026, down from $509.35 on December 31, 2025.
- Sponsor's Fee increased to $720 thousand for Q1 2026 from $96 thousand for Q1 2025.
- The Trust changed its NAV calculation index to the CoinDesk Zcash Benchmark Rate from April 1, 2026.