Grayscale Horizen Trust (ZEN)
HZEN
Other OTC- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Michael Adam Sonnenshein
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 290 Harbor Drive Stamford CT United States of America 6902
- IPO Date
- Oct 19, 2021
- CIK
- 0001748945
- Website
- grayscale.com
- Similar Companies
- Business
- Grayscale Horizen Trust (ZEN) (ticker: HZEN) is a Delaware statutory trust sponsored by Grayscale Investments Sponsors, LLC that provides investors with exposure to Horizen (ZEN), a digital asset originally launched in 2017 as a privacy-focused blockchain fork of Zcash and now operating as an ERC-20 token on the Base Layer-2 network following a major protocol migration. The Trust holds ZEN in cold storage custody with Coinbase Custody Trust Company, LLC, issuing shares quoted on OTCQX under the ticker HZEN that represent fractional undivided beneficial ownership in the Trust's ZEN holdings, net of expenses; shares are created in baskets of 100 in exchange for ZEN deposits from authorized participants, with no ongoing redemption program currently in effect and a 2.50% annual sponsor fee accrued daily and paid in ZEN. As of September 30, 2025, the Trust held approximately 955,410 ZEN, representing about 5.5% of the circulating supply, with 11,425,100 shares outstanding and each share backed by roughly 0.0836 ZEN. The Trust, formed on July 3, 2018, and publicly quoted since October 19, 2021, is headquartered at 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902, and primarily serves accredited investors seeking securities-based access to ZEN through traditional brokerage accounts, avoiding direct custody and trading complexities associated with digital asset exchanges. Its sole asset is ZEN, valued daily via a U.S. dollar-denominated reference rate aggregating trade data from select platforms such as Binance, Mexc, Bybit, and KuCoin; the Trust reports net asset value (NAV) per share daily at 4:00 p.m. ET, though shares have historically traded at significant premiums (up to 766%) or discounts (up to 54%) to NAV due to arbitrage limitations from Rule 144 holding periods, lack of redemptions, and market volatility. Recent major developments include the July 2025 migration of the Horizen protocol and all ZEN holdings from its legacy standalone proof-of-work blockchain to the Base Ethereum Layer-2 rollup, approved by the Horizen DAO, which replaced legacy ZEN tokens with ERC-20 ZEN Base Tokens, increased the circulating supply to approximately 17.25 million (with allocations to the DAO and Foundation), and shifted ZEN's role toward modular privacy applications and governance in a Layer-3 environment; this operational change was completed by July 23, 2025, with the Trust recognizing the new tokens as its primary asset. In 2025, the Trust issued 4,587,100 new shares, expanding outstanding shares from prior years. Sponsor structure underwent reorganization effective January 1, 2025, with Grayscale Investments Sponsors, LLC and Grayscale Operating, LLC initially as co-sponsors (both under Digital Currency Group, Inc.), followed by Grayscale Operating, LLC's withdrawal on January 3, 2025, and Grayscale Investments Sponsors, LLC becoming sole sponsor effective May 3, 2025; an internal corporate reorganization of sponsor parent entities occurred on October 22, 2025, consolidating control under Grayscale Investments, Inc. without material operational impact. The Trust operates solely in the United States, targeting institutional and accredited investors in the digital asset investment segment.