Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 48

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 48
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, quoted or traded, including but not limited to, the OTCQX Best Market® of OTC Markets Group Inc. “Secondary Reference Rate”—The Coin Metrics Real-Time Rate for Horizen. “Secondary Reference Rate Price”—The U.S. dollar value of a ZEN derived from the Digital Asset Trading Platforms that are reflected in the Secondary Reference Rate, calculated at 4:00 p.m., New York time, on each business day. See “Item 1. Business—Overview of the ZEN Industry and Market—ZEN Value—The Reference Rate and the Reference Rate Price” for a description of how the Secondary Reference Rate Price is calculated.  “Secondary Reference Rate Provider”—Coin Metrics, Inc., a Delaware corporation that publishes the Secondary Reference Rate.“Secondary Reference Rate Provider Agreement”—The master services agreement entered into by the Secondary Reference Rate Provider and the Sponsor, pursuant to which the parties have entered into a work order governing the Sponsor’s use of the Secondary Reference Rate for calculation of the Secondary Reference Rate Price.“Secure Node”—A class of node in the Horizen Network that performs the same function as Regular Nodes and additionally ensure all network communications between nodes are encrypted.“Securities Act”—The Securities Act of 1933, as amended. “Shares”—Common units of fractional undivided beneficial interest in, and ownership of, the Trust. 

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“Share Split”—A 10-for-1 Share split of the Trust’s issued and outstanding Shares, which was effective on October 7, 2021 to shareholders of record as of the close of business on October 6, 2021. “Similar Laws”— Rules under other federal, state, local, non-U.S. or other applicable law that are similar to ERISA or Section 4975 of the Code.“SIPC”—The Securities Investor Protection Corporation. “Sponsor” or “Co-Sponsor”—The sponsor of the Trust. Grayscale Investments, LLC was the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC was a co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC was a co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and is the sole remaining sponsor thereafter.  “Sponsor Contracts”—Certain contracts assigned by GSO pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the