Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 27

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 27
---
, 2025, the maximum premium of the closing price of the Shares quoted on OTCQX over the value of the Trust’s NAV per Share was 766%, the average premium was 207%, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Trust’s NAV per Share was 54%, and the average discount was 20%. The closing price of the Shares, as quoted on OTCQX at 4:00 p.m., New York time, on each business day, has been quoted at a discount on 357 days. As of September 30, 2025, the last business day of the period, the Trust’s Shares were quoted on OTCQX at a premium of 21% to the Trust’s NAV per Share. The following table sets out the range of high and low closing prices for the Shares as reported by OTCQX, the Trust’s Principal Market NAV per Share calculated in accordance with U.S. GAAP and the Trust’s NAV per Share for each of the quarters of the prior three years.

     High

     Low

     OTCQX

     Principal Market NAV perShare(1)

     NAV per Share(2)

     OTCQX

     Principal Market NAV perShare(1)

     NAV per Share(2)

     Calendar Year 2022

     Fourth quarter
      
     $
     1.24

     $
     1.31

     $
     1.32

     $
     0.41

     $
     0.76

     $
     0.76

     Calendar Year 2023

     First quarter
      
     $
     1.04

     $
     1.35

     $
     1.32

     $
     0.38

     $
     0.75

     $
     0.75

     Second quarter
      
     $
     0.89

     $
     1.01

     $
     1.02

     $
     0.41

     $
     0.54

     $
     0.52

     Third quarter
      
     $
     1.05

     $
     0.86

     $
     0.86

     $
     0.68

     $
     0.59

     $
     0.59

     Fourth quarter