Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 54

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 54
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 factors also contribute to the significant uncertainty with respect to the future viability and value of Horizen. Our opinion is not qualified in respect to this matter. /s/ Marcum LLP We have served as the Trust’s auditor from 2019 to 2024 (such date takes into account the acquisition of certain assets of Friedman LLP by Marcum LLP effective September 1, 2022). New York, NYNovember 22, 2024       

F-3

GRAYSCALE HORIZEN TRUST (ZEN) STATEMENTS OF ASSETS AND LIABILITIES(Amounts in thousands, except Share and per Share amounts)  

     September 30,

     2025

     2024

     Assets:

     Investment in ZEN, at fair value (cost $18,167 and $11,987 as of September 30, 2025 and 2024, respectively)
      
     $
     7,481

     $
     4,767

     Total assets
      
     $
     7,481

     $
     4,767

     Liabilities:

     Sponsor’s Fee payable, related party
      
     $
     -

     $
     -

     Total liabilities

     -

     -

     Net assets
      
     $
     7,481

     $
     4,767

     Shares issued and outstanding, no par value (unlimited Shares authorized)

     11,425,100

     6,838,000

     Principal Market NAV per Share
      
     $
     0.65

     $
     0.70

See accompanying notes to financial statements.F-4

GRAYSCALE HORIZEN TRUST (ZEN)SCHEDULES OF INVESTMENT(Amounts in thousands, except quantity of ZEN and percentages)  

     September 30, 2025

     Quantity of ZEN

     Cost

     Fair Value

     % of NetAssets

     Investment in ZEN

     955,410.54315668

     $
     18,167

     $
     7,481

     100
     %

     Total Investment

     $
     18,167

     $
     7,481

     100
     %

     Net assets

     $
     7,481

     100
     %

     September 30, 2024

     Quantity of ZEN

     Cost