Grayscale Zcash Trust Financials
This page shows Grayscale Zcash Trust (ZCSH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet value rather than operating revenue drives results, with equity-funded asset swings dictating reported earnings.
From FY2023 to FY2025, total assets rose from$9.0M to$200.4M while shares outstanding increased only modestly, so scale expanded mostly through asset revaluation rather than capital raising. With liabilities at$0 in each year, the move to$177.8M of FY2025 net income translated directly into higher equity instead of being shared with lenders.
Return on assets and return on equity are identical in every year because the balance sheet shows no leverage; that makes the reported return profile a nearly pure reflection of asset value movement. The pattern is highly volatile, shifting from
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Grayscale Zcash Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Grayscale Zcash Trust carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Grayscale Zcash Trust earns a strong 88.7% return on equity (ROE), meaning it generates $89 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 49.7% the prior year.
Key Financial Metrics
Earnings & Revenue
Grayscale Zcash Trust reported $177.8M in net income in fiscal year 2025. This represents an increase of 1523.1% from the prior year.
Cash & Balance Sheet
Grayscale Zcash Trust had 5M shares outstanding in fiscal year 2025. This represents an increase of 2.7% from the prior year.
Margins & Returns
Grayscale Zcash Trust's ROE was 88.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 39.0 percentage points from the prior year.
Capital Allocation
ZCSH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$101.0M-159.2% | $170.5M+1102.2% | $14.2M+5057.1% | $275K+103.8% | -$7.2M-166.7% | $10.8M+287.7% | $2.8M+180.6% | -$3.4M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ZCSH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $99.4M-50.4% | $200.4M+573.6% | $29.8M+94.2% | $15.3M+1.8% | $15.0M-31.7% | $22.0M+104.7% | $10.8M+37.4% | $7.8M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $99.4M-50.4% | $200.4M+573.6% | $29.8M+94.2% | $15.3M+1.8% | $15.0M-31.7% | $22.0M+104.7% | $10.8M+37.4% | $7.8M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ZCSH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -101.6%-186.6pp | 85.1%+37.4pp | 47.7%+45.9pp | 1.8%+49.5pp | -47.7%-96.6pp | 48.9%+23.1pp | 25.8%+69.8pp | -44.0% |
| Return on Assets | -101.6%-186.6pp | 85.1%+37.4pp | 47.7%+45.9pp | 1.8%+49.5pp | -47.7%-96.6pp | 48.9%+23.1pp | 25.8%+69.8pp | -44.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Grayscale Zcash Trust profitable?
Yes, Grayscale Zcash Trust (ZCSH) reported a net income of $177.8M in fiscal year 2025.
What is Grayscale Zcash Trust's return on equity (ROE)?
Grayscale Zcash Trust (ZCSH) has a return on equity of 88.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What are Grayscale Zcash Trust's total assets?
Grayscale Zcash Trust (ZCSH) had $200.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Zcash Trust's debt-to-equity ratio?
Grayscale Zcash Trust (ZCSH) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Grayscale Zcash Trust's return on assets (ROA)?
Grayscale Zcash Trust (ZCSH) had a return on assets of 88.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How financially healthy is Grayscale Zcash Trust?
Grayscale Zcash Trust (ZCSH) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.