Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 51

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 51
---
:
     /s/ Mark Shifke

     Name:
     Mark Shifke

     Title:
     Member of the Board of DirectorsDirector*

     By:
     /s/ Simon Koster

     Name:
     Simon Koster

     Title:
     Member of the Board of DirectorsDirector*
    
    Date: November 25, 2025 * The Registrant is a trust and the persons are signing in their capacities as officers of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant, or directors of Grayscale Investments, Inc., the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, as applicable.

113 

INDEX TO FINANCIAL STATEMENTS 

     Page  

     Grayscale Horizen Trust (ZEN) Annual Financial Statements 

     Reports of Independent Registered Public Accounting Firms (KPMG LLP, PCAOB ID 185; Marcum LLP, PCAOB ID 688)
      
     F-2

     Statements of Assets and Liabilities at September 30, 2025 and 2024
      
     F-4

     Schedules of Investment at September 30, 2025 and 2024
      
     F-5

     Statements of Operations for the years ended September 30, 2025, 2024 and 2023
      
     F-6

     Statements of Changes in Net Assets for the years ended September 30, 2025, 2024 and 2023
      
     F-7

     Notes to Financial Statements
      
     F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Sponsor ofGrayscale Horizen Trust (ZEN): Opinion on the Financial StatementsWe have audited the accompanying statement of assets and liabilities of Grayscale Horizen Trust (ZEN) (the Trust), including the schedule of investment, as of September 30, 2025, the related statements of operations, and changes in net assets for the year then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2025, and the results of its operations and the changes in its net assets for the year then ended, in conformity with U.S. generally accepted accounting principles. Basis for Opinion