Grayscale Horizen Trust

Grayscale Horizen Trust (ZEN) is a Delaware Statutory Trust formed on July 3, 2018. The Trust's purpose is to hold Horizen ("ZEN"). The Horizen Network, originally launched in 2017 as an alternative software implementation of the Bitcoin network, began by forking Zclassic, a clone of Zcash. The Horizen ecosystem has undergone significant changes. In September 2023, the Horizen Network implemented an update that removed many of its privacy-preserving features. More recently, in July 2025, the Horizen Network fully migrated ZEN and the Horizen protocol from its legacy standalone blockchain to the Base Network, an Ethereum Layer-2 network that provides underlying consensus and security. The Horizen protocol on Base is described by ecosystem contributors as a "Layer-3" blockchain environment "built for modular privacy and sustainable on-chain utility." Previously, ZEN operated as the transaction fee token on the Horizen Network's standalone blockchain and as a governance token for the Horizen DAO. After the July 2025 migration to Base, ZEN is now used in privacy-focused projects on the Horizen Protocol and in governance. The Horizen Network aimed to enhance blockchain technology by adding confidentiality layers, allowing users to engage in transactions and selectively disclose details. ZEN achieved this confidentiality using Zero-Knowledge Succinct Non-Interactive Argument of Knowledge ("zk-SNARKs") to protect the amount, sender, and recipient of transactions, resulting in "shielded" transactions, distinct from public "unshielded" transactions on the Horizen Network.