Company: HZEN
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-017070
Chunk: 46

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 2
Chunk 46
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    597,363

    Number of Shares:

    Opening balance

    6,838,000

    6,838,000

    Creations

    3,600,700

    -

    Closing balance

    10,438,700

    6,838,000

    As of December 31,

    2024

    2023

    Price of ZEN on principal market(1)
     
    $
    28.91

    $
    9.14

    Principal Market NAV per Share(2)
     
    $
    2.46

    $
    0.80

    Reference Rate Price (3)
     
    $
    28.93

    $
    9.13

    NAV per Share(3)
     
    $
    2.46

    $
    0.80

(1)The Trust performed an assessment of the principal market at December 31, 2024 and 2023, and identified the principal market as Coinbase.

(2)As of December 31, 2024 and 2023, the Principal Market NAV per Share was calculated using the fair value of ZEN based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. Prior to February 7, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share.

(3)The Trust’s NAV per Share is derived from the Reference Rate Price, as represented by the Reference Rate as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. 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 for a description of the Reference Rate and Reference Rate Price. Effective June 20, 2023, the Reference Rate Price is the price set by Coin Metrics Real-Time Rate (the “Secondary Reference Rate”) as of 4: