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

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 25
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 Rate as of September 30, 2025 were Coinbase, Binance, Bybit, Huobi, MEXC and KuCoin. As of September 30, 2024, the Digital Asset Trading Platforms included in the Reference Rate consisted of Coinbase, Binance, Bybit, Gate.io and KuCoin. As of September 30, 2023, the Digital Asset Trading Platforms included in the Reference Rate consisted of Coinbase, Binance, Gate.io and OKX.

90 

For accounting purposes, the Trust reflects creations and the ZEN receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of ZEN is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program.As of September 30, 2025, the Trust had a net closing balance with a value of $7,480,865, based on the Reference Rate Price (non-GAAP methodology). As of September 30, 2025, the Trust had a total market value of $7,480,865, based on the Digital Asset Market price of ZEN on the Trust’s principal market (Coinbase).As of September 30, 2024, the Trust had a net closing balance with a value of $4,766,504, based on the Reference Rate Price (non-GAAP methodology). As of September 30, 2024, the Trust had a total market value of $4,766,504, based on the Digital Asset Market price of ZEN on the Trust’s principal market (Coinbase).As of September 30, 2023, the Trust had a net closing balance with a value of $4,676,858, based on the Reference Rate Price (non-GAAP methodology). As of September 30, 2023, the Trust had a total market value of $4,670,847, based on the Digital Asset Market price of ZEN on the Trust’s principal market (Coinbase).Historical NAV and ZEN Prices As movements in the price of ZEN will directly affect the price of the Shares, investors should understand recent movements in the price of ZEN. Investors, however, should also be aware that past movements in the ZEN