Grayscale Horizen Trust (Zen)

What Do They Do?

Issues shares representing ownership in a trust that holds ZEN, giving investors a way to invest in the digital asset.

Who Are Their Customers?

The Trust issues shares to accredited investors in exchange for ZEN, and shares are quoted on OTCQX for investors seeking to invest in ZEN.

How Are They Changing?

Since the FY2025 annual report

Jul 2, 2026 Grayscale CFO steps down; interim co-CFOs are appointed Edward McGee stepped down as Grayscale's CFO; the sponsor appointed interim co-CFOs, and Kathryn Masci became the Trust's Principal Financial and Accounting Officer.
Dec 23, 2025 Sponsor decides to continue the Trust After evaluating the ZEN migration and the Trust's ongoing viability, the Sponsor said it does not intend to discontinue or dissolve the Trust at this time.

Network and token role The older report describes ZEN on a standalone network with shielded transactions and selective privacy features. The latest report says the network deprecated those shields and moved ZEN and its protocol to Base, where ZEN is used in privacy-focused projects and governance.

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