Grayscale Horizen Trust (ZEN), trading under the symbol HZEN, filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 10, 2026.

Key Highlights

  • Net assets of $6,780 thousand as of September 30, 2026, down from $8,673 thousand at December 31, 2025, according to the filing.
  • Principal Market NAV per Share of $0.59 at September 30, 2026, compared to $0.76 at December 31, 2025, the filing disclosed.
  • 931,820.57496878 ZEN tokens held by the Trust at September 30, 2026, with a fair value of $6,780 thousand against a cost of $17,718 thousand.
  • Net decrease in net assets from operations of $1,893 thousand for the nine months ended September 30, 2026, driven by a net realized loss of $230 thousand and net change in unrealized depreciation of $1,558 thousand.
  • Sponsor's Fee expense of $105 thousand for the nine months ended September 30, 2026, compared to $190 thousand in the same period of 2025.
  • 11,425,100 shares outstanding as of November 6, 2026, unchanged from the beginning of the nine-month period.

Grayscale Horizen Trust: ZEN Holdings and Financial Performance Through September 2026

Grayscale Horizen Trust (ZEN) is a Delaware Statutory Trust formed on July 3, 2018, that commenced operations on August 6, 2018. According to the filing, the Trust's investment objective is for the value of its shares, based on ZEN per share, "to reflect the value of the Horizen tokens held by the Trust, less the Trust's expenses and other liabilities." The Trust holds Horizen (ZEN) tokens as its sole investment, and shares trade on OTC Markets under the symbol HZEN, as stated in the filing. The Trust is sponsored by Grayscale Investments Sponsors, LLC, a consolidated subsidiary of Digital Currency Group, Inc.

For the three months ended September 30, 2026, the Trust reported a net increase in net assets from operations of $3,002 thousand, reflecting a net change in unrealized appreciation of $3,115 thousand, partially offset by a net realized loss of $82 thousand and a Sponsor's Fee of $31 thousand. For the nine months ended September 30, 2026, the Trust reported a net decrease in net assets from operations of $1,893 thousand, compared to a net decrease of $19,262 thousand in the same period of 2025. The filing noted no investment income was generated in either period, as the Trust does not engage in staking or other income-producing activities on its ZEN holdings.

The filing disclosed that the Trust's shares are issued only in blocks of 100 shares, called "Baskets," exclusively to certain Authorized Participants in exchange for ZEN. The Trust currently has no redemption program in operation and, according to the filing, "has no intention of seeking regulatory approval to operate an ongoing redemption program." Coinbase Custody Trust Company, LLC serves as custodian, and Grayscale Securities, LLC is the sole Authorized Participant identified in the filing.

What Was Disclosed

Grayscale Horizen Trust (ZEN) disclosed its unaudited financial statements for the quarter ended September 30, 2026, reporting net assets of $6,780 thousand, a NAV per share of $0.59, and a nine-month net loss from operations of $1,893 thousand, with 11,425,100 shares outstanding.