Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 38

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 38
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 of the Trust, the activities of the officers of the Sponsor, subject to their fiduciary duties, may, from time-to-time, result in their taking positions in their personal trading accounts which are opposite of the positions taken for the Trust. Records of the Sponsor’s officers’ personal trading accounts will not be available for inspection by shareholders. The Reference Rate ProviderDCG was the indirect parent company of the Reference Rate Provider until the Reference Rate Provider was sold by DCG to an unaffiliated third party in November 2023. Prior to its sale by DCG, the Reference Rate Provider was an affiliate of the Sponsor and the Trust and had an incentive to resolve questions regarding, or changes to, the manner in which the Reference Rate was constructed and in which the Reference Rate Price was calculated in a way that favored the Sponsor and the Trust. Effective June 20, 2023, the Reference Rate Price is determined by the Secondary Reference Rate Provider, Coin Metrics, Inc., which is not an affiliate of the Trust. See “Item 1. Business—Overview of the ZEN Industry and Market—ZEN Value—The Reference Rate and the Reference Rate Price—Determination of the Reference Rate Price when Reference Rate Price is Unavailable.”

101 

Item 14. Principal Accountant Fees and ServicesFees for services performed by KPMG LLP (“KPMG”), for the year ended September 30, 2025 and Marcum LLP (“Marcum”), for the year ended September 30, 2024 were:

     Years Ended September 30,

     2025

     2024

     Audit fees
      
     $
     125,450

     $
     77,700

     Total
      
     $
     125,450

     $
     77,700

   In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG, and previously Marcum for professional services for the audit of the Trust’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.Pre-Approved Policies and ProceduresThe Trust has no board of directors, and as a result, has no audit committee or pre-approval policy with respect to fees paid to its principal accounting firm. Such determinations, including for the fiscal year ended September 30, 202