(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