Grayscale Horizen Trust Reports 40% Drop in ZEN Asset Value Post-Period End

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 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.

• 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.

auto_awesomeAnalysis

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.