Company: HZEN
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-017070
Chunk: 48

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 2
Chunk 48
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 Digital Asset Market price of ZEN on the Trust’s principal market (Coinbase).

 19

Historical NAV and ZEN Prices

As movements in the price of ZEN will directly affect the price of the Shares, investors should understand recent movements in the price of ZEN. Investors, however, should also be aware that past movements in the ZEN 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 to December 31, 2024. 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” in the Trust’s Annual Report on Form 10-K. 

 20

The following table illustrates the movements in the Reference Rate Price from January 1, 2020 to December 31, 2024. During such period, the Reference Rate Price has ranged from $4.71 to $152.74, with the straight average being $25.03 through December 31, 2024. As described above, effective June 20, 2023, the Reference Rate Price is 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 of period

    Last business day

    Twelve months ended December 31, 2020
     
    $
    7.95

    $
    16.26

    11/25/2020
     
    $
    4.71

    3/18/2020
     
    $
    10.61

    $
    10.61

    Twelve months ended December 31