---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-000287"
form_type: "8-K"
ticker: "HZEN"
cik: "0001748945"
company_name: "Grayscale Horizen Trust (ZEN)"
filed_at: "2023-01-06T23:59:59+00:00"
generated_at: "2026-06-20T18:53:30.947552+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.25
calibrated_materiality_score: 0.25
confidence: "high"
source: SEC EDGAR
---

# CoinDesk removes Bittrex from Horizen Trust reference rate due to low liquidity

## Summary
- Bittrex removed from CoinDesk Horizen Reference Rate effective Jan 4, 2023, for failing minimum liquidity requirement.
- No new constituent exchanges added; remaining exchanges are Coinbase Pro and Binance.US.
- Reference Rate Provider may change trading venues or calculation methodology at any time; quarterly reviews scheduled.
- Change could affect the Reference Rate Price used to value Grayscale Horizen Trust (ZEN) shares.

## SEC filing metadata
- accession: 0000950170-23-000287
- form_type: 8-K
- ticker: HZEN
- cik: 0001748945
- company_name: Grayscale Horizen Trust (ZEN)
- filed_at: 2023-01-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.25
- calibrated_materiality_score: 0.25
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1748945/000095017023000287/0000950170-23-000287-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1748945/000095017023000287/hzen-20230104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-000287
- JSON: https://secwatch.observer/filing/0000950170-23-000287.json
- Plain text: https://secwatch.observer/filing/0000950170-23-000287.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.