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.
Grayscale Horizen Trust (ZEN) filings document formal updates for a Grayscale-sponsored digital-asset trust with HZEN shares registered under Section 12(g). Recent 8-K disclosures cover amendments to the Amended and Restated Declaration of Trust and Trust Agreement, including a fiscal year-end change, sponsor-level governance and corporate reorganization matters, director-related changes, social media and cashtag disclosure practices, and risk discussion related to ZEN token treatment under federal securities laws.
The filings also identify Grayscale Investments Sponsors, LLC as the Sponsor and describe material events affecting the trust’s administration, share registration, and governance framework.
Digital Currency Group, Inc. has filed a notice of proposed sale of Horizon Kinetics (ticker HZEN) common stock under Rule 144. The filing covers 3,705 common shares to be sold through broker Canaccord Genuity Inc., with an aggregate market value of $4,281.13. The shares are part of a class with 11,425,100 common shares outstanding and are traded on the OTCQX market.
The 3,705 shares were acquired on September 30, 2023 in a privately negotiated cash transaction directly from the issuer. The planned sale is expected to occur around January 26, 2026. Over the prior three months, Digital Currency Group has executed multiple sales of the issuer’s common stock on various dates in October and November 2025 and on January 23, 2026, with individual sale sizes ranging from 976 to 10,253 shares.
Barry Silbert filed a notice of proposed sale of 32,466 common shares of Grayscale Horizen Trust (HZEN). The shares are to be sold through broker Canaccord with an aggregate market value of $39,284.00, based on the information in the filing. The filing notes that 11,425,100 shares of this class were outstanding and lists an approximate sale date of 01/23/2026 on the OTCQX market.
The notice discloses that Silbert previously acquired shares in privately negotiated transactions from the issuer on 08/07/2018 (24,755 securities) and 12/16/2020 (530,410 securities), both paid in USD. It also reports a separate sale by Silbert of 27,006 Grayscale Horizen Trust securities during the past three months on 10/27/2025, with gross proceeds of $49,115.00.
HZEN filed a Form 144 notice for a planned sale of 2,481 shares of its common stock through broker Canaccord at an aggregate market value of $3,002.00. The filing states that 11,425,100 shares of the issuer’s common stock were outstanding and lists an approximate sale date of 01/23/2026 on the OTCQX market. The securities to be sold were originally acquired on 08/22/2018 in a privately negotiated transaction directly from the issuer, with 42,427 common shares acquired and paid for in U.S. dollars on that date. The form also notes that the seller represents they are not aware of undisclosed material adverse information about the issuer.
HZEN received a Form 144 notice covering a planned sale of restricted shares. The filing indicates an intent to sell 5,000 shares of common stock through broker Canaccord Genuity, with an aggregate market value of 6,179.50. The shares are part of a class with 11,425,100 shares outstanding and are listed on OTCQX, with the sale targeted around 01/23/2026.
The securities to be sold were acquired on 09/30/2023 in a privately negotiated cash purchase from the issuer. The filing also lists recent sales of the issuer’s common stock over the prior three months by Digital Currency Group, Inc., including blocks such as 10,253 shares sold on 11/04/2025 and 6,615 shares sold on 11/05/2025. The signer represents they are not aware of undisclosed material adverse information about the issuer’s operations.
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.