Grayscale Horizen Trust (HZEN) is a Delaware Statutory Trust that holds Horizen (ZEN), a cryptocurrency, on behalf of investors. The Trust issues shares representing a fractional interest in ZEN, giving investors exposure to ZEN's price without requiring them to directly buy or store the asset. As of September 30, 2025, each share represented approximately 0.0836 ZEN. The Trust is entirely passive — it holds ZEN and does nothing else. Shares are sold to accredited investors via private placement and can be resold on the OTCQX market after a six-month holding period. There is no redemption program, meaning shares cannot be exchanged for the underlying ZEN, which has caused share prices to diverge significantly from NAV. The Trust charges a 2.5% annual Sponsor's fee, paid in ZEN, which causes the ZEN per share to gradually decline over time. ZEN itself has evolved significantly since its 2017 launch as a privacy-focused blockchain; in July 2025, the Horizen network migrated off its legacy blockchain onto Base, an Ethereum Layer-2 network operated by Coinbase, and ZEN is now an ERC-20 token used for governance and ecosystem participation within a Layer-3 privacy infrastructure protocol. ZEN's maximum supply is capped at 21 million tokens. Grayscale Securities, an affiliate of the Sponsor, is the sole Authorized Participant, limiting share creation and liquidity.