Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 26

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 26
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 price are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world. The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Share Split for periods prior to October 7, 2021) versus the Reference Rate Price and the Trust’s Principal Market NAV per Share (as adjusted for the Share Split for periods prior to October 7, 2021) from August 6, 2018 (the inception of the Trust’s operations) to September 30, 2025. For more information on the determination of the Trust’s NAV, see “Item 1. Business—Overview of the ZEN Industry and Market—ZEN Value—The Reference Rate and the Reference Rate Price.”(1)Effective June 20, 2023, any references to the “Reference Rate Price” in this Annual Report refers to the Secondary Reference Rate Price set by the Secondary Reference Rate selected by the Secondary Reference Rate Provider.

91 

The following table illustrates the movements in the Reference Rate Price from October 1, 2020 to September 30, 2025. During such period, the Reference Rate Price has ranged from $5.14 to $152.74, with the straight average being $25.49 through September 30, 2025. As described above, effective June 20, 2023, any references to the “Reference Rate Price” in this Annual Report refers to the Secondary Reference Rate Price set by the Secondary Reference Rate selected by the Secondary Reference Rate Provider. The Sponsor has not observed a material difference between the Reference Rate Price and average prices from the constituent Digital Asset Trading Platforms individually or as a group. 

     High
      
     Low

     Period
      
     Average

     Reference Rate Price

     Date
      
     Reference Rate Price

     Date
      
     End ofperiod

     Last businessday

     Twelve months ended September 30, 2021
      
     $
     54.46

     $
     152.74

     5/8/2021
      
     $
     5.14

     10/7/2020
      
     $
     68.07

     $
     68.07

     Twelve months ended September 30, 2022
      
     $
     42