This morning, Grayscale Investments launched the BitzecInvestment Trust. Grayscale, a trusted authority on digital currency investments, has $1.2 billion in assets under management. The BitzecInvestment Trust is its third investment vehicle, following the Bitcoin Investment Trust (OTCQX: GBTC) and the Ethereum Classic Investment Trust.
The Trust’s shares are the first securities solely invested in Zcash. 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.