---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-029648"
form_type: "8-K"
ticker: "HZEN"
cik: "0001748945"
company_name: "Grayscale Horizen Trust (ZEN)"
filed_at: "2023-06-23T23:59:59+00:00"
generated_at: "2026-06-13T18:13:51.361892+00:00"
event_type: "regulatory"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Grayscale Horizen Trust Reference Rate loses Binance.US; switches to Coin Metrics Real-Time Rate

## Summary
- CoinDesk Indices removed Binance.US from the Horizen Reference Rate effective June 16, 2023.
- Removal due to Binance.US suspending USD deposits/withdrawals and delisting USD trading pairs.
- No remaining sufficient constituent exchanges; Reference Rate may become unavailable.
- Sponsor will determine Reference Rate using Coin Metrics Real-Time Rate as alternative.
- Sponsor retains discretion to select a different reference rate provider or calculation method.

## SEC filing metadata
- accession: 0000950170-23-029648
- form_type: 8-K
- ticker: HZEN
- cik: 0001748945
- company_name: Grayscale Horizen Trust (ZEN)
- filed_at: 2023-06-23T23:59:59+00:00
- event_type: regulatory
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1748945/000095017023029648/0000950170-23-029648-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1748945/000095017023029648/hzen-20230616.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-029648
- JSON: https://secwatch.observer/filing/0000950170-23-029648.json
- Plain text: https://secwatch.observer/filing/0000950170-23-029648.txt

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