Fair Value of ZEC

9 Months Ended

Sep. 30, 2026

3. Fair Value of ZEC

ZEC is held by the Custodian on behalf of the Trust and is carried at fair value. As of September 30, 2026 and December 31, 2025, the Trust held 617,643.15248425 and 393,522.33134026 ZEC, respectively.

The Trust determined the fair value per ZEC to be $1,417.68 and $509.35 on September 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 (as defined herein) 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		9,178.18388146			442
ZEC distributed for expenses		(7,351.42456445	)		(305	)
Net realized loss		-			(595	)
Net change in unrealized appreciation/depreciation		-			8,175
Balance at September 30, 2025		394,550.34866028		$	29,757

(Amounts in thousands, except ZEC amounts)	Quantity			Fair Value
Balance at December 31, 2025		393,522.33134026		$	200,441
ZEC contributed		269,101.61393657			318,229
ZEC redeemed		(37,338.38722281	)		(50,475	)
ZEC distributed for expenses		(7,642.40556977	)		(4,176	)
Net realized gain		-			33,953
Net change in unrealized appreciation/depreciation		-			377,648
Balance at September 30, 2026		617,643.15248425		$	875,620

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details