Item 1.01. Entry into a Material Definitive Agreement.

Additional Custodian; Custody Services Agreement

On September 29, 2026, Grayscale Investments Sponsors, LLC, the sponsor (the "Sponsor") of the The Zcash ETF (the "Trust"), on behalf of the Trust, and Anchorage Digital Bank N.A. ("Anchorage Digital" or the "Additional Custodian"), a national trust bank chartered by the Office of the Comptroller of the Currency, entered into the Sixth Amendment (the "Anchorage Digital Amendment" ) to the Master Custody Service Agreement, dated as of August 8, 2025 (as amended, the "Anchorage Digital Custodian Agreement"), pursuant to which the Trust became a party to the Anchorage Digital Custodian Agreement.

Pursuant to the Anchorage Digital Custodian Agreement, Anchorage Digital will provide services related to the custody and safekeeping of a portion of the Trust's ZEC holdings.

The Sponsor intends to utilize Anchorage Digital's services to custody a portion of the Trust's ZEC. The Trust's existing custody arrangement with Coinbase Custody Trust Company, LLC is unaffected by the Trust's entry into the Anchorage Digital Custodian Agreement, and Coinbase Custody Trust Company, LLC remains the Trust's primary custodian. The Sponsor shall, in its sole discretion, determine the amounts held at either custodian as permitted by the Trust Agreement. At the current time, the Sponsor has not determined the total amount of the Trust's ZEC it will move to Anchorage Digital. The addition of Anchorage Digital reflects the Sponsor's ongoing risk management approach as part of the Trust's growing size. References to the "Custodian" refer to Coinbase Custody Trust Company, LLC, Anchorage Digital and/or other custodians, collectively or in their individual capacities, as the context may require.

With respect to the Trust's ZEC held by Anchorage Digital, upon Sponsor instruction, Anchorage Digital will withdraw from the Trust's account maintained with Anchorage Digital the amount of ZEC necessary to pay the Trust's Sponsor's Fee and any Additional Trust Expenses, consistent with the procedures described on page 29 of the Trust's Annual Report, dated March 12, 2026, under "Business-Expenses; Sales of ZEC-Disposition of ZEC." Fees paid to the Additional Custodian are a Sponsor-paid Expense.

Under the Anchorage Digital Custodian Agreement, Anchorage Digital receives the Trust's ZEC for storage by generating private keys and their corresponding public keys, and retains custody of those private keys at all times. The hardware security module Anchorage Digital uses to safeguard such private keys is located in the United States.

In the event of a fork of the Zcash blockchain, the Anchorage Digital Custody Agreement provides that Anchorage Digital may temporarily suspend services, and may, in its sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that Anchorage Digital shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol.

In addition, the Additional Custodian is required under the Anchorage Digital Custodian Agreement to maintain certain insurance coverage, which the Sponsor believes is industry standard, including commercial crime insurance or a fidelity bond with limits of not less than $100 million in the aggregate, covering theft of money or other property under the Additional Custodian's care, custody or control, including digital assets held in cold storage. Shareholders cannot be assured that the Additional Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Trust's ZEC.

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 and the Anchorage Digital Amendment, which are filed with this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively.