Company: HZEN
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-017070
Chunk: 105

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 105
---
 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 of December 31, 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, 202