Welcome to our dedicated page for Grayscale Horizen Trust SEC filings (Ticker: HZEN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Grayscale Horizen Trust (ZEN) (symbol HZEN) SEC filings page on Stock Titan brings together the trust’s regulatory reports, along with AI-powered summaries that help explain their content. Grayscale Horizen Trust (ZEN) is a statutory trust sponsored by Grayscale Investments Sponsors, LLC, with its shares registered under Section 12(g) of the Securities Exchange Act of 1934. Its filings provide insight into how the trust is structured, governed, and evaluated by the Sponsor.
Key filings include Form 10-K annual reports, where the trust discusses risk factors such as the possibility that ZEN or another digital asset could be determined to be a security, and how that might affect the value of ZEN and the trust’s shares. The trust also uses Form 8-K current reports to disclose material events, such as amendments to its fiscal year-end, adoption of amendments to the Amended and Restated Declaration of Trust and Trust Agreement, and internal corporate reorganizations involving the Sponsor and related entities within Digital Currency Group, Inc.
On this page, you can review these filings as they appear in the SEC’s EDGAR system, while AI-generated highlights point out important sections, such as changes to the fiscal year, references to transition reports on Form 10-KT, and discussions of how the Sponsor evaluates the ongoing viability of the trust following the migration of ZEN tokens. Although insider transaction reports on Form 4 are not specifically referenced in the provided documents, Stock Titan’s filings interface is designed to surface any such ownership changes if and when they are filed.
By using this filings page, investors and researchers can quickly locate Grayscale Horizen Trust (ZEN) Forms 10-K, 10-KT, and 8-K, and rely on AI summaries to navigate complex legal and accounting language. This can make it easier to understand how governance changes, risk disclosures, and regulatory analyses around ZEN are reflected in the trust’s official reporting record.
Grayscale Horizen Trust (ZEN) reports that its sponsor has changed the Trust’s fiscal year-end from September 30 to December 31, effective for the fiscal year beginning January 1, 2025 and ending December 31, 2025. The Trust plans to file a transition Form 10-KT for the short period from October 1, 2025 through December 31, 2025.
The sponsor also provides an update on its review of the Trust’s ongoing viability following the migration of ZEN tokens from the legacy Horizen blockchain to the Base Network. After considering token adoption, usage and legal analysis on the status of ZEN under U.S. federal securities laws, the sponsor has decided to continue the affairs of the Trust and does not currently intend to discontinue or dissolve it. The sponsor notes it may re-evaluate the Trust’s viability in the future under the Trust Agreement and applicable law.
Grayscale Horizen Trust (ZEN) filed an update explaining how its sponsor, Grayscale Investments Sponsors, LLC, uses social media, specifically X (formerly Twitter). The sponsor and its affiliates maintain accounts on X and sometimes use “cashtags,” which are ticker symbols preceded by a dollar sign like $HZEN. X automatically turns these cashtags into links that lead to pages showing market data, news, and commentary created by third parties.
The trust stresses that these X-generated pages and linked third-party sites are not controlled, prepared, or verified by Grayscale and may be inaccurate or inconsistent with its official disclosures. Investors are cautioned not to treat such third-party information as authorized by Grayscale and are directed instead to rely on Grayscale’s filings with the Securities and Exchange Commission for accurate and up-to-date information about the trust and its products.
Grayscale Horizen Trust (HZEN) files its annual report as a grantor trust that holds Horizen (ZEN) to give investors securities-based exposure to the token.
As of September 30, 2025, the Trust held about 5.5% of all ZEN in circulation, with each share representing approximately 0.0836 ZEN. There were 11,425,100 Shares outstanding as of November 20, 2025, and non-affiliate Shares had an aggregate market value of $17,487,245 on March 31, 2025.
The report highlights that HZEN Shares can trade at large premiums or discounts to NAV because there is no ongoing redemption program. From October 19, 2021 to September 30, 2025, the maximum premium reached 766% and the maximum discount 54%, with an average premium of 207% and average discount of 20%.
Key developments include Horizen’s July 2025 migration from its legacy blockchain to Base, an Ethereum Layer-2 rollup, and a sponsor reorganization that left Grayscale Investments Sponsors, LLC as sole sponsor. The report also details extensive risk factors tied to ZEN price volatility, evolving regulation, and reliance on third-party service providers.
Digital Currency Group, Inc. (HZEN) filed a Form 144 notice to sell 6,152 shares of the issuer’s common stock through Canaccord Genuity Inc. on or about 11/06/2025. The filing lists an aggregate market value of $13,718.96, with the shares quoted on OTCQX.
The Form 144 states the shares were acquired on 09/30/2023 in a privately negotiated transaction, purchased from the issuer for cash. The filing also reports 11,425,100 shares outstanding. Recent activity by the same seller over the past three months includes multiple sales, such as 10,253 shares on 11/04/2025 for $21,223.71 and 6,615 shares on 11/05/2025 for $14,156.10.
HZEN: A Form 144 notice discloses a proposed sale of 6,615 common shares with an aggregate market value of $14,156.10, to be sold on or about November 5, 2025 on OTCQX through Canaccord Genuity Inc. The filing lists 11,425,100 shares outstanding for the issuer. The shares to be sold were acquired on September 30, 2023 via a privately negotiated transaction from the issuer for cash.
The filing also details recent sales by the same seller over the past three months, including 10,253 shares on 11/04/2025 for $21,223.71 and 10,253 shares on 11/03/2025 for $18,250.34. Form 144 is a notice of proposed sale by an affiliate and does not itself complete a sale, but it outlines intent and recent activity.
HZEN received an amended Form 144 notice for a proposed sale of restricted shares. A holder plans to sell up to 12,947 shares of common stock, with an aggregate market value of $27,586.17. The approximate sale date is 11/05/2025 on the OTCQX through Capital Institutional Services. The shares were originally acquired on 08/10/2018 in a privately negotiated, cash transaction from the issuer. As context, shares outstanding were 11,425,100. The filing also lists a sale during the past three months of 13,475 shares for gross proceeds of $10,080.00.
HZEN received a Form 144 notice for a proposed sale of up to 12,947 common shares through Capital Institutional Services, Inc. The filing lists an aggregate market value of $27,586.17 and an approximate sale date of 11/05/2025 on OTCQX.
The form reports 11,425,100 shares outstanding. The seller acquired these shares on 08/10/2018 in a privately negotiated transaction directly from the issuer for cash. The filing also notes prior activity: on 07/31/2025, a holder sold 13,475 Grayscale Horizen Trust shares for $10,080.00.
HZEN: A Form 144 notice was filed for the proposed sale of 10,253 shares of common stock. The filing lists Canaccord Genuity Inc. as broker, an approximate sale date of 11/04/2025, and trading on OTCQX. The filing states an aggregate market value of 21,223.71 for the shares to be sold.
The shares were acquired on 09/30/2023 in a privately negotiated transaction from the issuer for cash. Shares outstanding are shown as 11,425,100; this is a baseline figure, not the amount being offered. Recent sales by the same selling party over the past three months include 10,253 shares sold on 11/03/2025 for gross proceeds of 18,250.34.
HZEN: A Form 144 notice discloses a planned sale of 10,253 common shares through Canaccord Genuity Inc. The filing lists an aggregate market value of $18,250.34, with 11,425,100 shares outstanding and an approximate sale date of 11/03/2025 on OTCQX.
The seller acquired these shares on 09/30/2023 in a privately negotiated transaction from the issuer for cash. The notice also details recent sales by the same holder over the past three months, indicating ongoing liquidity activity.
Form 144 is a notice of intent to sell restricted or control securities under Rule 144. It does not itself effect the sale but signals potential share sales into the market by the identified holder.
Digital Currency Group, Inc. filed a Form 144 notice for a proposed sale of up to 976 shares of common stock. The filing lists an aggregate market value of $1,317.60, an approximate sale date of October 30, 2025, execution through Canaccord Genuity Inc., and trading on OTCQX.
The shares were acquired on September 30, 2023 in a privately negotiated transaction from the issuer for cash. The filing notes 11,425,100 shares outstanding. Recent activity by the same seller over the past three months includes several transactions, including 13,734 shares on August 1, 2025 for gross proceeds of $10,025.82 and 9,367 shares on July 31, 2025 for $7,493.60.