Grayscale Horizen Trust Reports 40% Drop in ZEN Asset Value Post-Period End
HZEN sits 18% above its 52-week low of $0.51 on light trading volume (0.2× avg).
Summary
Grayscale Horizen Trust's 10-KT reveals a post-period 40.4% drop in its underlying ZEN asset value, alongside a fiscal year change and a significant technical migration of the Horizen Network to an Ethereum Layer-2.
Key Events · Corporate Governance and Compliance · HZEN
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Significant ZEN Price Decline
The fair value of Horizen (ZEN), the Trust's primary asset, decreased by approximately 40.4% from $9.14 per ZEN on December 31, 2025, to $5.45 per ZEN as of March 6, 2026, indicating a substantial post-period decline in asset value.
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Fiscal Year-End Change
The Trust amended its Trust Agreement to change its fiscal year-end from September 30 to December 31, effective January 1, 2025. This 10-KT covers the three-month transition period from October 1, 2025, to December 31, 2025.
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Horizen Network Migration to Base Network
In July 2025, the Horizen Network completed a full migration of its ZEN protocol from its legacy standalone blockchain to the Base Network, an Ethereum Layer-2 network, representing a fundamental shift in its technical infrastructure.
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No Share Redemption Program
The Trust currently does not operate a redemption program, meaning shares are not redeemable by the Trust. This lack of an arbitrage mechanism can cause shares to trade at a significant premium or discount to the underlying asset value.
Analysis · HZEN · Crypto Assets
Grayscale Horizen Trust filed its 10-KT, reporting a significant decline in the fair value of its underlying asset, Horizen (ZEN), after the reporting period. As of March 6, 2026, the fair value of ZEN dropped to $5.45 per ZEN, a substantial decrease from $9.14 per ZEN at December 31, 2025. This represents a decline of approximately 40.4% in just over two months, which will directly impact the value of the Trust's shares. The report also details the Trust's transition to a December 31 fiscal year-end and the Horizen Network's migration to the Ethereum Layer-2 Base Network in July 2025, a significant technical shift for the underlying asset. The Trust continues to operate without a redemption program, which can lead to shares trading at premiums or discounts to their net asset value.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 36.7% of the 1072 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.61%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HZEN was trading at $0.60 on OTC in the Crypto Assets sector. The 52-week trading range was $0.51 to $2.95. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.