Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 55

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 55
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 unrealized depreciation on investment in ZEN

     (3,466
     )

     400

     (3,709
     )

     Net (decrease) increase in net assets resulting from operations

     (3,885
     )

     96

     (4,020
     )

     Increase in net assets from capital share transactions:

     Shares issued

     6,599

     -

     -

     Net increase in net assets resulting from capital share transactions

     6,599

     -

     -

     Total increase (decrease) in net assets from operations and capital share transactions

     2,714

     96

     (4,020
     )

     Net assets:

     Beginning of year

     4,767

     4,671

     8,691

     End of year
      
     $
     7,481

     $
     4,767

     $
     4,671

     Change in Shares outstanding:

     Shares outstanding at beginning of year

     6,838,000

     6,838,000

     6,838,000

     Shares issued

     4,587,100

     -

     -

     Net increase in Shares

     4,587,100

     -

     -

     Shares outstanding at end of year

     11,425,100

     6,838,000

     6,838,000

See accompanying notes to financial statements.F-7

GRAYSCALE HORIZEN TRUST (ZEN) NOTES TO THE FINANCIAL STATEMENTS 1. Organization Grayscale Horizen Trust (ZEN) (the “Trust”) is a Delaware Statutory Trust that was formed on July 3, 2018 and commenced operations on August 6, 2018. In general, the Trust holds Horizen (“ZEN”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in exchange for ZEN. The redemption of Shares is not currently contemplated and the Trust does not currently operate a redemption program. Subject to receipt of regulatory approval 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. The Trust’s investment objective is for the value of the Shares (