Grayscale Zcash Trust removes Bitfinex from price index due to liquidity failure

Grayscale Zcash Trust (ZEC)

Effective Dec 21, 2025, Bitfinex removed from CoinDesk Zcash Price Index for failing minimum liquidity requirement.
No new trading platforms added in the quarterly review; remaining constituents: Coinbase, Kraken, Gemini.
Index Provider may change constituents at any time; next scheduled quarterly review will assess criteria.
Trust's share value is derived from the Index Price, making index composition material to net asset value.

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