...
etc. Second paragraph: "A seven-year road to exchange trading" is a heading. We'll translate: "هفت سال راه تا معامله در بورس" or "مسیر هفت ساله تا معامله در بورس". I'll use "مسیر هفت ساله تا معامله در بورس". Then the paragraph: "The predecessor fund launched as a private placement in October 2017 and had been quoted on OTCQX since October 2021. The fund's sponsor fee is 2.5% per year. Grayscale's announcement highlighted Zcash's upgrade record, including Sapling in 2018, Orchard in 2022, and the Ironwood upgrade in July, which introduced a turnstile mechanism. The fund holds ZEC through Coinbase Custody Trust Company, with Foreside Fund Services acting as marketing agent." Translation: "صندوق قبلی به عنوان یک عرضه خصوصی در اکتبر ۲۰۱۷ راهاندازی شد و از اکتبر ۲۰۲۱ در OTCQX فهرست شده بود. کارمزد اسپانسر صندوق ۲.۵٪ در سال است. اعلامیه گریاسکیل سابقه ارتقاء زیکش را برجسته کرد، از جمله Sapling در ۲۰۱۸، Orchard در ۲۰۲۲، و ارتقاء Ironwood در ژوئیه که مکانیزم turnstile را معرفی کرد. صندوق ZEC را از طریق Coinbase Custody Trust Company نگهداری میکند و Foreside Fund Services به عنوان نماینده بازاریابی عمل میکند." We need to keep "Sapling", "Orchard", "Ironwood" as is. "turnstile mechanism" - we can say "مکانیزم گردان" but it's a specific term. I'll keep "turnstile" as is or translate as "مکانیزم چرخشی" but better to keep as "مکانیزم turnstile" or "مکانیزم گردان". I'll use "مکانیزم turnstile" to be safe. Third paragraph: "Discount narrows sharply" -> "تخفیف به شدت کاهش مییابد" or "تخفیف به شدت باریک میشود". I'll use "تخفیف به شدت کاهش مییابد". Paragraph: "Shares traded at a 17% discount to net asset value on June 30. That gap narrowed to 7% by August 12 and to 1% by August 20, when shares closed at $45.34 on OTCQX. The trust reported a net asset value of $155.2 million at the end of June, with holdings representing roughly 2.3% of ZEC in circulation. The shrinking discount came as ZEC itself climbed. The token traded at $785 on August 26, with a market capGrayscale Zcash ETF Debuts on NYSE Arca as First Spot ZEC Product
