Company: HZEN
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-017070
Chunk: 23

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 IR Virtual Currency needed to pay expenses in order to minimize the Trust’s holdings of assets other than ZEN. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements. 

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the periods covered by this Quarterly Report was the Sponsor’s Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

Selected Operating Data

    Three Months Ended December 31,

    2024

    2023

    (All ZEN balances are rounded to the nearest whole ZEN)

    ZEN:

    Opening balance

    586,286

    601,139

    Creations

    307,060

    -

    Sponsor’s Fee, related party

    (3,945
    )

    (3,776
    )

    Closing balance

    889,401

    597,363

    Accrued but unpaid Sponsor’s Fee, related party

    -

    -

    Net closing balance

    889,401

    597,363

    Number of Shares:

    Opening balance

    6,838,000

    6,838,000

    Creations

    3,600,700

    -

    Closing balance

    10,438,700

    6,838,000

    As of December 31,

    2024

    2023

    Price of ZEN on principal market(1)
     
    $
    28.91

    $
    9.14

    Principal Market NAV per Share(2)
     
    $
    2.46

    $
    0.80

    Reference Rate Price (3)
     
    $
    28.93

    $
    9.13

    NAV per Share(3)
     
    $
    2.46

    $
    0.80

(1)The Trust performed an assessment of the principal market at December 31, 2024 and 2023, and identified the principal market as Coinbase.

(2)As