Company: HZEN
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297573
Chunk: 44

Company: Grayscale Horizen Trust (ZEN)
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 44
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 ZEN based on bid-ask trading. The largest Digital Asset Trading Platforms are online and typically trade on a 24-hour basis, publishing transaction price and volume data.“Digital Asset Trading Platform Market”—The global trading platform market for the trading of ZEN, which consists of transactions on electronic Digital Asset Trading Platforms.“DSTA”—The Delaware Statutory Trust Act, as amended. “DTC”—The Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC. DTC will act as the securities depository for the Shares. 

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“EON 2.0”—A yet-to-be-launched smart contract platform, which will use ZEN as the native digital asset following the EON 2.0 Migration.“EON 2.0 Migration”—The proposed deprecation of the Horizen Network in favor of the yet-to-be-launched EON 2.0 network.“ERISA”—The Employee Retirement Income Security Act of 1974, as amended. “Ether”—Ethereum tokens, which are a type of digital asset based on an open-source cryptographic protocol existing on the Ethereum network.“Exchange Act”—The Securities Exchange Act of 1934, as amended. “FDIC”—The Federal Deposit Insurance Corporation. “FinCEN”—The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury. “FINRA”—The Financial Industry Regulatory Authority, Inc., which is the primary regulator in the United States for broker-dealers, including Authorized Participants. “FINRA”—The Financial Industry Regulatory Authority, Inc., which is the primary regulator in the United States for broker-dealers, including Authorized Participants. “FSMA”—The Financial Services and Markets Act 2023.“FTX”—FTX Trading, Ltd.“Genesis”—Genesis Global Trading, Inc., a wholly owned subsidiary of Digital Currency Group, Inc.“Grayscale Investments”—Grayscale Investments, Inc., a Delaware corporation and a consolidated subsidiary of DCG.“Grayscale Securities”—Grayscale Securities, LLC, a wholly owned direct subsidiary of Grayscale Operating, LLC, which as of the date of this Annual Report, is the only acting Authorized Participant.“GSI”—Grayscale Investments, LLC, the Sponsor of the Trust, until December 31, 2024.“GSIS”—Grayscale Investments Sponsors, LLC, a Delaware limited liability company and a consolidated subsidiary of Grayscale Operating,