Grayscale Horizen Trust (ZEN)

Grayscale Horizen Trust (ZEN) is a Delaware statutory trust that holds Horizen (ZEN) and issues exchangeable shares designed to give investors indirect exposure to the token’s market price. It does not operate the Horizen network or run an active business; its core function is to custody ZEN, track its fair value, and provide a tradable investment wrapper on OTCQX under the ticker HZEN.

— Grayscale Horizen Trust (ZEN)
%
Digital asset trust shares100% Shares that provide indirect exposure to the value of ZEN held by the Trust.
Custody and administration0% Safekeeping of ZEN and administrative support through the sponsor/custodian structure.

The Trust’s investors are accredited investors and public-market participants who want exposure to ZEN without directly...

  • Accredited investorsprimary

    Buy HZEN shares to gain regulated, brokerage-style exposure to ZEN without direct token custody.

  • Secondary-market tradersprimary

    Trade HZEN on OTCQX for price exposure, arbitrage, or portfolio allocation.

  • Authorized participantssecondary

    Create shares by delivering ZEN to the Trust and help maintain market access and liquidity.

  • Liquidity providerssecondary

    Facilitate trading and market-making in the shares and underlying ZEN markets.

The Trust is organized in Delaware and operates as a U.S.-based investment vehicle, with shares quoted on OTCQX in the...

  • •U.S.-domiciled Delaware statutory trust
  • •OTCQX listing gives U.S. market access
  • •ZEN pricing depends on global digital asset exchanges
  • •Custody and administration are centered in U.S. service providers
  • •No disclosed country revenue split because the Trust is not an operating business

The Trust’s strategy is to maintain a passive structure that closely tracks the market value of ZEN through share...

01
Maintain accurate fair-value trackingshort-term

The Trust’s investment proposition depends on shares reflecting ZEN’s market value as closely as possible.

02
Preserve market access and liquiditymedium-term

Secondary-market trading and creation activity are necessary for investor usability and price discovery.

03
Adapt to Horizen ecosystem changesmedium-term

Network migrations and protocol changes can affect token utility, acceptance, and market demand.

The Trust is exposed almost entirely to ZEN price volatility, network adoption risk, and changes in digital-asset...

high

Extreme ZEN price volatility

The Trust’s value is a direct function of the market price of ZEN, which can move sharply and unpredictably.

Scope
Share value and NAV
Materiality
high
high

Protocol or cryptography failure

A flaw in the Horizen network or underlying cryptography could impair token utility and investor confidence.

Scope
ZEN market demand and custody value
Materiality
high
high

Regulatory and exchange delisting risk

Privacy-related features may attract AML/sanctions concerns and lead trading platforms to restrict access.

Scope
Liquidity, price discovery, and market access
Materiality
high
high

Custodian or sponsor failure

The Trust depends on third-party service providers; loss of custody or sponsorship can trigger termination.

Scope
Operational continuity
Materiality
high
Fair value measurement of ZEN
NAV and unrealized gain/loss volatility
Principal market determination
Reference rate and reported fair value
Realized gains/losses on sponsor-fee settlements
Reported realized gain/loss and expense presentation
Trade-date accounting for creations
Quarterly asset and share-count movements

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: 28/04/2026