With respect to the Trust’s ZEC held by the Additional Custodian, upon Sponsor instruction, the Additional Custodian will withdraw from the Trust’s account maintained with the Additional Custodian the amount of ZEC necessary to pay the Trust's Sponsor’s Fee and any Additional Trust Expenses, consistent with the procedures described in “Part I—Item 1. Business— Expenses; Sales of ZEC” beginning on page 27 of the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”). Fees paid to the Additional Custodian are a Sponsor-paid Expense.” Except as described above, all procedures set forth under the section “Part I—Item 1. Business—Custody of the Trust’s ZEC” beginning on page 22 of the Trust’s Annual Report apply to the Trust’s arrangements with the Additional Custodian. As used in the Prospectus, “ Custodian ” shall mean Coinbase Custody Trust Company, LLC, Anchorage Digital Bank N.A. and/or other custodians, collectively or in their individual capacities, as the context may require. In addition, the term “ Custodian Fee ” will include fees payable to the Additional Custodian for services they provide to the Trust, which the Sponsor shall pay to the Additional Custodian as a Sponsor-paid Expense. The foregoing description of the Anchorage Digital Custodian Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Anchorage Digital Custodian Agreement, which is filed as Exhibits 10.1 and 10.2 to the Current Report on Form 8-K filed by the Registrant on the date hereof. All other references in the Prospectus to the Trust’s custody arrangements are hereby deemed amended to conform to the foregoing, as applicable. RISK FACTORS In light of the foregoing, the following risk factors, whether set forth in the Prospectus or incorporated by reference therein from the Trust's Annual Report, are hereby amended and restated as set forth below: The risk factor entitled “In the event of a hard fork of the Zcash Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares” under the section entitled “Item 1A. Risk Factors—Risk Factors Related to Digital Assets,” on page 49 of the Annual Report, which is incorporated by reference into the Prospectus, is hereby amended and restated in its entirety as follows and supersedes such risk factor as incorporated by reference into the Prospectus: In the event of a hard fork of the Zcash Network, the operations of the Custodian and the Additional Custodian may be interrupted or subject to additional security risks that could disrupt the Trust's ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust's ZEC holdings. In the event of a hard fork of the Zcash Network, the Custodian and the Additional Custodian may temporarily suspend certain operations, including deposits, withdrawals or transfers of ZEC, while it evaluates the resulting networks and determines whether to support either branch. As a result, the Trust may suspend creations and redemptions during any such period. In addition, any losses experienced by the Custodian and the Additional Custodian due to a hard fork, including due to replay attacks or technological errors in assessing the fork, could have a material adverse impact on an investment in the Shares. The following risk factor under the section entitled “Item 1A. Risk Factors—Risk Factors Related to the Trust and the Shares,” on page 57 of the Annual Report, which is incorporated by reference into the Prospectus, is hereby amended and restated in its entirety as follows and supersedes such risk factor as incorporated by reference into the Prospectus: The Trust relies on third-party service providers to perform certain functions essential to the affairs of the Trust and the replacement of such service providers could pose challenges to the safekeeping of the Trust’s ZEC and to the operations of the Trust. The Trust relies on the Custodian and the Prime Broker (together, the “Custodial Entities”), the Authorized Participants and other third-party service providers to perform certain functions essential to managing the affairs of the Trust. In addition, Liquidity Providers are relied upon to facilitate the purchase and sale of ZEC in connection with creations and redemptions of Shares in cash (“Cash Orders”), and the Transfer Agent and Grayscale Investments Sponsors, LLC (in such capacity, the “Liquidity Engager”) are relied upon to facilitate such Cash Orders. Any disruptions to a service provider’s business operations, resulting from business failures, financial instability, security failures, government mandated regulation or operational problems, could have an adverse impact on the Trust’s ability to access critical services and be disruptive to the operations of the Trust and require the Sponsor or the Liquidity Engager, as the case may be, to replace such service provider. Moreover, the
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