3. Fair Value of ZEC ZEC is held by the Custodian on behalf of the Trust and is carried at fair value. As of June 30, 2026 and December 31, 2025, the Trust held 388,673.68359943 and 393,522.33134026 ZEC, respectively. The Trust determined the fair value per ZEC to be $399.44 and $509.35 on June 30, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of ZEC and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ZEC amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
392,723.58934327 |
|
|
$ |
22,040 |
|
ZEC contributed |
|
|
4,888.23272520 |
|
|
|
191 |
|
ZEC distributed for Sponsor’s Fee, related party |
|
|
(4,883.12100169 |
) |
|
|
(197 |
) |
Net change in unrealized appreciation/depreciation on investment in ZEC |
|
|
- |
|
|
|
(6,308 |
) |
Net realized loss on investment in ZEC |
|
|
- |
|
|
|
(402 |
) |
Balance at June 30, 2025 |
|
|
392,728.70106678 |
|
|
$ |
15,324 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except ZEC amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
|
393,522.33134026 |
|
|
$ |
200,441 |
|
ZEC contributed |
|
|
- |
|
|
|
- |
|
ZEC distributed for Sponsor’s Fee, related party |
|
|
(4,848.64774083 |
) |
|
|
(1,783 |
) |
Net change in unrealized appreciation/depreciation on investment in ZEC |
|
|
- |
|
|
|
(44,598 |
) |
Net realized gain on investment in ZEC |
|
|
- |
|
|
|
1,192 |
|
Balance at June 30, 2026 |
|
|
388,673.68359943 |
|
|
$ |
155,252 |
|
|