Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 23

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 23
---
EN)

     ZEN:

     Opening balance

     586,286

     601,139

     616,357

     Creations

     390,780

     -

     -

     Sponsor’s Fee, related party

     (21,655
     )

     (14,853
     )

     (15,218
     )

     Closing balance

     955,411

     586,286

     601,139

     Accrued but unpaid Sponsor’s Fee, related party

     -

     -

     -

     Net closing balance

     955,411

     586,286

     601,139

     Number of Shares:

     Opening balance

     6,838,000

     6,838,000

     6,838,000

     Creations

     4,587,100

     -

     -

     Closing balance

     11,425,100

     6,838,000

     6,838,000

     September 30,

     2025

     2024

     2023

     Price of ZEN on principal market(1)
      
     $
     7.83

     $
     8.13

     $
     7.77

     Principal Market NAV per Share(2)
      
     $
     0.65

     $
     0.70

     $
     0.68

     Reference Rate Price(3)
      
     $
     7.83

     $
     8.13

     $
     7.78

     NAV per Share(3)
      
     $
     0.65

     $
     0.70

     $
     0.68

    (1)The Trust performed an assessment of the principal market at September 30, 2025, 2024 and 2023, and identified the principal market as Coinbase.(2)As of September 30, 2025, 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