Grayscale Investments Announces Launch of the Zcash Investment Trust

NEW YORK, Nov. 9, 2017

The Trust's shares are the first securities solely invested in Zcash ("ZEC"), the digital asset that powers the Zcash Network. The investment objective of the Trust is for the shares to reflect the value of the ZEC held by the Trust, determined by reference to the TradeBlock ZEC Composite Reference Rate at 4:00 p.m. New York time, less the Trust's expenses and other liabilities. The Trust is a passive investment vehicle that is not actively managed. The Sponsor believes that, for many investors, the shares will represent a cost-effective and convenient investment relative to a direct investment in ZEC.

The Zcash Network was first launched in October 2016 by the Zerocoin Electric Coin Company^© with the aim of establishing a new standard for financial privacy in an open and programmable distributed ledger system. Through the use of new cryptographic protocols, the Zcash Network is one of a number of projects intended to expand blockchain use beyond bitcoin.

The Trust does not currently operate a redemption program. As a result, there can be no assurance that the value of the shares will approximate the value of the ZEC held by the Trust and the shares may trade at a substantial premium over the value of the Trust's ZEC if quoted on any secondary market in the future. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program. Even if such approval is sought, no assurance can be given as to the timing of such approval or that such approval will be granted.

The Trust is a Delaware statutory trust based in the United States. The Trust is offering shares on an ongoing basis to certain "accredited investors" within the meaning of Rule 501(a) of Regulation D of the Securities Act of 1933, as amended, pursuant to an exemption from registration provided by Rule 506(c) of Regulation D. The shares are only available for purchase through certain Authorized Participants engaged by the Sponsor on behalf of the Trust. For additional information, please contact info@grayscale.co.

About Grayscale Investments, LLC
Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. A trusted authority on digital currency investing, Grayscale provides market insight and investment exposure to the developing digital currency asset class. Grayscale is the sponsor of the Bitcoin Investment Trust, the Ethereum Classic Investment Trust, and the Zcash Investment Trust.

Grayscale Investments, LLC is headquartered in New York City. www.grayscale.co
Media Contacts: press@grayscale.co