(Amounts in thousands, except ZEC amounts)

Quantity

Fair Value

Balance at December 31, 2024

392,723.58934327

$

22,040

ZEC contributed

4,888.23272520

191

ZEC distributed for Sponsor’s Fee, related party

(2,427.56268494

)

(96

)

Net change in unrealized appreciation/depreciation on investment in ZEC

-

(6,884

)

Net realized loss on investment in ZEC

-

(202

)

Balance at March 31, 2025

395,184.25938353

$

15,049

(Amounts in thousands, except ZEC amounts)

Quantity

Fair Value

Balance at December 31, 2025

393,522.33134026

$

200,441

ZEC contributed

-

-

ZEC distributed for Sponsor’s Fee, related party

(2,418.44364908

)

(720

)

Net change in unrealized appreciation/depreciation on investment in ZEC

-

(100,700

)

Net realized gain on investment in ZEC

-

425

Balance at March 31, 2026

391,103.88769118

$

99,446