Grayscale Launches Zcash Invest and Commits $1 Million to Support the Zcash Ecosystem

New platform and national campaign spotlight The Zcash ETF (ZCSH) and Zcash’s role in the next era of crypto, and more broadly digital finance, including financial privacy

STAMFORD, Conn., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Grayscale, the world’s largest digital asset-focused investment platform*, today launched Zcash Invest, a platform to educate investors and advisors about the Zcash ecosystem and The Zcash ETF (ticker: ZCSH), the world’s first and largest Zcash fund. Grayscale intends to invest 100% of the Sponsor’s Fee it receives from ZCSH, for up to its first year as an ETP, in initiatives supporting the development, marketing and education of the Zcash network.**

As part of this effort, Grayscale plans to direct $1 million to non-profit organizations and initiatives advancing the Zcash ecosystem. It has awarded the first $400,000 in equal grants of $100,000 to the four organizations below:

• Zcash Foundation: An independent nonprofit advancing the Zcash ecosystem through open-source development and research in support of financial privacy and a decentralized network.
• Pretty Good Policy for Zcash: An independent nonprofit advocacy organization focused on policy education, coordination, and advocacy for the Zcash ecosystem, including engagement with policymakers on financial privacy.
• Shielded Labs: A Swiss-based Zcash organization building decentralized, resilient private money through protocol research and development.
• Project Tachyon: A protocol initiative led by one of Zcash’s co-founders to scale shielded transactions with faster wallet sync and greater throughput.

Zcash offers Bitcoin-like benefits, rebuilt with privacy at the center. Built on pioneering cryptographic research, it lets users choose whether to transact transparently or privately.

“We believe Zcash will help define the next era of crypto,” said Steve Vanourny, Head of Index at Grayscale. “Financial privacy is becoming essential as more economic activity moves onchain and AI makes it easier to analyze; and Zcash has a culture of innovation that will help it face down challenges in the future, including from the rise of quantum computing.”

The Zcash Invest platform brings together a website (ZcashInvest.com), social presence (@ZcashInvest), and a national campaign, Zcash: The Next Era of Crypto, which launches today with a Wall Street Journal wrap and a new national ad. The campaign will roll out across print, out-of-home, digital, streaming and social, powered by events and educational content. Its visual identity centers on the zebra, a nod to the motif of the Zcash Community.

The Zcash ETF (ticker: ZCSH) extends Grayscale’s record of firsts, including the first Bitcoin and Ethereum ETPs in the US. It launched as a private placement in 2017, began trading on OTC Markets in 2021, and listed on NYSE Arca on August 25, 2026. It offers spot exposure to ZEC through a brokerage account, with no need to buy or safeguard the asset directly.

For more information, visit ZcashInvest.com.

About Grayscale
Grayscale is the world’s largest digital asset-focused investment platform with a mission to make digital asset investing simpler and open to all investors. Founded in 2013, Grayscale has been at the forefront of bringing digital assets into the mainstream. Grayscale continues to pioneer the asset class by providing investors, advisors, and institutional allocators with access to a broad range of digital assets through a comprehensive suite of investment products spanning ETFs, ETPs, private funds, and diversified strategies. For more information, please follow @Grayscale or visit grayscale.com.

Media Contact
press@grayscale.com

Client Contact
866-775-0313
info@grayscale.com

The Zcash ETF ("ZCSH" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore is not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in ZEC.

+++

* Largest digital asset-focused asset manager based on AUM as of 9/30/2026. For other companies in this category, AUM is considered as of most recent public disclosure.

**As disclosed in its reports filed with the SEC, the Sponsor intends to use 100% of the Sponsor’s Fee received from the Trust for up to the 12 months following the effectiveness of its registration statement for activities in support of the Trust and initiatives that support the development, marketing, and education of the Zcash Network. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s Fee, and is not an obligation of the Trust. The Sponsor may modify or discontinue this commitment at any time in its sole discretion.

References to ZcashInvest.com and @ZcashInvest in this press release are provided for convenience only. The information contained on, or accessible through, those websites and channels is not incorporated by reference into this press release or into ZCSH's registration statement, prospectus, or other filings with the SEC, and should not be considered part of this press release or any such filing.

This information must be preceded or accompanied by a The Zcash ETF prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Grayscale Operating, LLC and its affiliates, directors, officers, and employees may have interests, financial or otherwise, in the digital assets and/or securities discussed.

Zcash’s zero-knowledge cryptography may contain undetected defects, and transaction privacy may cause certain exploits, including counterfeiting ZEC, which may be difficult or impossible to detect conclusively. In June 2026, a security researcher engaged by ZODL disclosed a critical vulnerability in the shielded pool, Orchard, that could have permitted counterfeiting; ZEC’s price subsequently declined approximately 50% before recovering. An emergency upgrade remediated the vulnerability, and the July 28, 2026 a new shielded pool was created, Ironwood, which retired Orchard and capped withdrawals at verifiably deposited amounts. Whether the vulnerability was exploited may never be conclusively determined. Zcash’s privacy-enhancing cryptography also be used to facilitate unlawful activity, exposing businesses that facilitate ZEC transactions to liability or loss of services. Any of which could negatively affect the price of ZEC and the value of the shares.

While Zcash shares certain structural similarities with Bitcoin, there are several key differences between the Zcash network and the Bitcoin network beyond privacy features, including, among others, differences in supply issuance, governance, development funding, consensus mechanisms, and network adoption. Zcash should not be viewed as equivalent to, or a substitute for, Bitcoin.

Extreme volatility of trading prices that many digital assets have experienced in recent periods, and may continue to experience, could have a material adverse effect on the value of the Fund and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.

Foreside Fund Services, LLC is Marketing Agent and Grayscale Securities, LLC is Advertising Review and Filing Agent for the Grayscale ETPs.

© 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale.