In its latest quarterly filing dated May 8, 2026, Grayscale Zcash Trust implemented a significant change by adopting the CoinDesk Zcash Benchmark Rate as its new index price for valuing ZEC assets, replacing the prior CoinDesk Zcash Price Index. This move aims to enhance price reliability and fair value measurement under evolving market conditions. The Trust operates as a passive vehicle offering investors exposure to ZEC through shares but currently does not permit redemptions, contributing to liquidity premiums and discounts. Regulatory uncertainties, including potential reclassification of digital assets and compliance costs, remain key risk factors, while Grayscale's strong custody infrastructure and regulatory reporting status underpin its competitive moat. Monitoring index methodology adjustments, liquidity programs, regulatory developments, and market acceptance will be critical near-term.