Company: HZEN
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-017070
Chunk: 47

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 2
Chunk 47
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00 p.m., New York time, on the valuation date (the “Secondary Reference Rate Price”). The Secondary Reference Rate Price is a real-time reference rate price, calculated using trade data from constituent markets selected by Coin Metrics (the “Secondary Reference Rate Provider”). See “Item 1. Business—Valuation of ZEN and Determination of NAV” in the Trust’s Annual Report on Form 10-K for a description of the Trust’s NAV per Share. The Digital Asset Trading Platforms included in the Reference Rate as of December 31, 2024 were Coinbase, Binance, ByBit, Gate.io, and KuCoin. The Digital Asset Trading Platforms included in the Reference Rate as of December 31, 2023 were 

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Coinbase, Binance, ByBit, Gate.io and OKX. 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” and “Item 1. Business—Valuation of ZEN and Determination of NAV” in the Trust’s Annual Report on Form 10-K for a description of the Trust’s NAV per Share.

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 December 31, 2024, the Trust had a net closing balance with a value of $25,730,360, based on the Reference Rate Price (non-GAAP methodology). As of December 31, 2024, the Trust had a total market value of $25,712,572, based on the Digital Asset Market price of ZEN on the Trust’s principal market (Coinbase).

As of December 31, 2023, the Trust had a net closing balance with a value of $5,453,918, based on the Reference Rate Price (non-GAAP methodology). As of December 31, 2023, the Trust had a total market value of $5,459,892, based on the