Company: HZEN
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0000950170-25-096921
Chunk: 0

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-07-18
Form: 8-K
Item: Item 7.01
Chunk 0
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Item 7.01. Regulation FD Disclosure.

Migration to Base blockchain

On July 18, 2025 (the “ Announcement Date”), as a result of the announced migration of all Horizen (“ ZEN”) in the main Horizen blockchain to the Base blockchain (the “ Migration”) and the planned discontinuation of all ZEN in the Horizen blockchain by July 23, 2025 (the “ Migration Date”), Grayscale Investments Sponsors, LLC, the sponsor (the “ Sponsor”) of Grayscale Horizen Trust (ZEN) (the “ Trust”), announced that, from and after the Migration Date, it will consider the ERC-20 ZEN tokens on the Base blockchain (the “ ZEN Base Tokens”) to be generally accepted ZEN and, therefore, such ZEN Base Tokens should be thereafter considered “ ZEN” for the Trust’s purposes. The Migration follows a favorable vote by the Horizen DAO, a distributed autonomous organization which helps govern the development of the Horizen Network, which was announced in February 2025. As part of the transition to the Base blockchain, there will be a change in the emissions schedule underlying the Horizen protocol, with an increase in circulating supply from approximately 16.0 million ZEN to a projected 17.25 million ZEN Base Tokens and the transfer of 0.75 million and 0.50 million ZEN Base Tokens to the Horizen DAO and the Horizen Foundation, respectively. On or about the Migration Date, each ZEN token currently owned by the Trust is expected to be replaced by a ZEN Base Token, and thereafter the Trust’s assets will comprise solely of ZEN Base Tokens.

Coinbase Custody Trust Company, LLC is expected to act as custodian on behalf of the Trust with respect to the Trust’s ZEN Base Tokens following the Migration. No action is or will be required from the shareholders of the Trust for the Migration described above to be completed.

The Sponsor intends to evaluate the adoption and usage of ZEN Base Tokens following the Migration, among other factors, including the ongoing viability of the Trust, and currently expects to make a determination as to the foregoing by December 2025. Based on such evaluation, the Sponsor may discontinue the affairs of the Trust pursuant to the terms of the Trust Agreement and as described in the reports and documents of the Trust filed with or furnished to the SEC.

Description of the Base blockchain and ZEN Base Tokens

ZEN Base Tokens are ERC-20 tokens that serve as the digital currency