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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2021–2025
Liiketoiminta
Osuus liikevaihdostaShares that provide indirect exposure to the value of ZEN held by the Trust.
Safekeeping of ZEN and administrative support through the sponsor/custodian structure.
Asiakkaat
The Trust’s investors are accredited investors and public-market participants who want exposure to ZEN without directly holding or managing the token. Shares are quoted on OTCQX, so the product is aimed at investors who prefer a brokerage-account format over direct wallet custody. The Trust also relies on authorized participants and liquidity providers to create shares and support market access.
Buy HZEN shares to gain regulated, brokerage-style exposure to ZEN without direct token custody.
Trade HZEN on OTCQX for price exposure, arbitrage, or portfolio allocation.
Create shares by delivering ZEN to the Trust and help maintain market access and liquidity.
Facilitate trading and market-making in the shares and underlying ZEN markets.
Strategia
The Trust’s strategy is to maintain a passive structure that closely tracks the market value of ZEN through share creations and fair-value accounting. It periodically reviews the principal market for ZEN and relies on market liquidity, price stability, and access to trading venues to support valuation and investor access. The July 2025 migration of Horizen to Base changes the token’s ecosystem context, but the Trust itself remains focused on holding ZEN and providing a convenient investment wrapper.
The Trust’s investment proposition depends on shares reflecting ZEN’s market value as closely as possible.
Secondary-market trading and creation activity are necessary for investor usability and price discovery.
Network migrations and protocol changes can affect token utility, acceptance, and market demand.
Maantiede
The Trust is organized in Delaware and operates as a U.S.-based investment vehicle, with shares quoted on OTCQX in the United States. Its economic exposure is global because ZEN trades on digital asset platforms and the value of the Trust depends on worldwide market demand for Horizen, not on a single operating geography. Custody and administration are tied to U.S.-based service providers, while the underlying token market is international and highly fragmented.
Riskit
The Trust is exposed almost entirely to ZEN price volatility, network adoption risk, and changes in digital-asset market sentiment. Because it is a passive vehicle with no operating diversification, any decline in ZEN demand, exchange access, or custody arrangements can directly impair share value and could even force termination if the custodian is lost.
- Extreme ZEN price volatilityVaikutus: KorkeaTodennäköisyys: Korkea
The Trust’s value is a direct function of the market price of ZEN, which can move sharply and unpredictably.
Kohdistuu: Share value and NAV
- Regulatory and exchange delisting riskVaikutus: KorkeaTodennäköisyys: Korkea
Privacy-related features may attract AML/sanctions concerns and lead trading platforms to restrict access.
Kohdistuu - Protocol or cryptography failureVaikutus: KorkeaTodennäköisyys: Kohtalainen
A flaw in the Horizen network or underlying cryptography could impair token utility and investor confidence.
Kohdistuu: ZEN market demand and custody value
- Custodian or sponsor failureVaikutus: KorkeaTodennäköisyys: Kohtalainen
The Trust depends on third-party service providers; loss of custody or sponsorship can trigger termination.
Kohdistuu: Operational continuity
Kirjanpito
Harkinnanvaraiset erätThe Trust marks holdings to market, so valuation methodology directly affects reported net assets and earnings.
Vaikutus: NAV and unrealized gain/loss volatility
The Trust must choose the most relevant trading venue for pricing ZEN under ASC 820.
Vaikutus: Reference rate and reported fair value
ZEN transferred to pay expenses is treated as an investment transaction, not operating expense recognition.
Vaikutus: Reported realized gain/loss and expense presentation
Creation orders are recorded when executed, which can affect period-end holdings and comparability.
Vaikutus: Quarterly asset and share-count movements
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Päivitetty: 24.9.2026