---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-330977"
form_type: "8-K"
ticker: "ZCSH"
cik: "0001720265"
company_name: "Grayscale Zcash Trust (ZEC)"
filed_at: "2025-12-23T23:59:59+00:00"
generated_at: "2026-05-16T12:16:22.122497+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-330977
- form_type: 8-K
- ticker: ZCSH
- cik: 0001720265
- company_name: Grayscale Zcash Trust (ZEC)
- filed_at: 2025-12-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1720265/000119312525330977/0001193125-25-330977-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720265/000119312525330977/zcsh-20251221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-330977
- JSON: https://secwatch.observer/filing/0001193125-25-330977.json
- Plain text: https://secwatch.observer/filing/0001193125-25-330977.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.