Grayscale just spilled some dark tea about chatting with a Digital Currency Group side quest over tossing in around 200000 ZEC to their Zcash Trust fund 🖤. This August 18 twist aims to shift the whole thing onto NYSE Arca like a sneaky portal opening.
Chatting With DCG Shadows 🌙
Grayscale Investments Sponsors confirms talks with DCG International Investments Ltd. where the unit grabs shares via an authorized participant in exchange for those tokens. The filing whispers that since these chats lack binding deals the Potential Investor might snag more fewer or zero Shares at all. Net asset value hit 155.2 million on June 30 holding roughly 2.3 percent of all circulating ZEC while shares closed at 36.6 on August 12 sitting at a 7 percent discount to NAV per share.
Discount Days And Control Games 🕸️
Since October 2021 shares quoted at a discount on 700 days with a max discount of 55 percent and a wild max premium of 240 percent though the SEC stays neutral on approving them. If the contribution wraps up Grayscales parent snags a controlling spot. DCG may directly or indirectly through the Potential Investor and affiliates own a majority of Shares in the Trust giving power to steer almost every shareholder vote.
Mining Ties And Ironwood Vibes 💀
DCG mines the asset too with Fortitude Mining running ZEC ops and Foundry Digital handling a pool that powered about 15.4 percent of the Zcash Network hash rate last July. The filing admits DCG could favor its own investments over the Trust interests. Zcash just dropped the Ironwood upgrade with its turnstile after that counterfeiting bug hit the Orchard shielded pool.
Blank Fees And Past Plays 🦇
The Sponsors Fee still shows blank in Amendment No. 4 along with the intended new name while Coinbase Custody Trust Company guards the ZEC and Coinbase acts as prime broker. Grayscale pulled off similar conversions before like clearing its Digital Large Cap Fund for NYSE Arca using generic listing rules. ZEC sat at 550.78 on August 19 per CoinGecko with a market cap of 9.3 billion 💎.
Just another echo from the void by iconofsin.eth 💖
