Grayscale Investments, the company behind the Bitcoin Investment Trust and the Ethereum Classic Investment Trust announced today the launch of its third investment vehicle, the Zcash Investment Trust. The shares are the first securities solely invested in Zcash (ZEC), the digital asset that powers the Zcash Network.
The investment objective of the trust is for the shares to reflect the value of the ZEC held by the trust, determined by reference to the TradeBlock ZEC Composite Reference Rate at 4:00 p.m. New York time, minus expenses and other liabilities.
The trust is a passive investment vehicle that is not actively managed. Grayscale offers qualified investors shares that will represent a cost-effective and convenient investment relative to a direct investment in ZEC.
The Zcash Network was first launched in October 2016 by the Zerocoin Electric Coin Company with the aim of establishing a new standard for financial privacy in an open and programmable distributed ledger system. Through the use of new cryptographic protocols, the Zcash Network is one of a number of projects intended to expand blockchain use beyond bitcoin.
Grayscale operates as a Delaware statutory trust based in the United States. The trust offers shares on an ongoing basis to certain “accredited investors” within the meaning of Rule 501(a) of Regulation D of the Securities Act of 1933, as amended, pursuant to an exemption from registration provided by Rule 506(c) of Regulation D. The shares are only available for purchase through certain Authorized Participants (APs) engaged by the Grayscale on behalf of the trust.
Quick Facts:
| Investment Objective | Shares track the ZEC market price, minus fees and expenses |
| Benchmark Index | TradeBlock ZEC Composite 24-hour VWAP |
| CUSIP | 98919Y109 |
| ISIN | US98919Y1091 |
| Inception Date | 10/24/2017 |
| Annual Fee | 2.5% |
| AUM | $12.93M‡ |
| Shares Outstanding | 540,200‡ |
| ZEC per Share | 0.09995205‡ |