---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-096921"
form_type: "8-K"
ticker: "HZEN"
cik: "0001748945"
company_name: "Grayscale Horizen Trust (ZEN)"
filed_at: "2025-07-18T23:59:59+00:00"
generated_at: "2026-05-18T05:48:00.868791+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Grayscale Horizen Trust to migrate ZEN tokens to Base blockchain by July 23, 2025; viability review by Dec 2025

## Summary
- Migration from Horizen mainnet to Base blockchain (Layer-2) effective July 23, 2025.
- Each ZEN token held by trust will become a ZEN Base Token (ERC-20) after migration; no shareholder action needed.
- Circulating supply to increase from ~16M to ~17.25M ZEN Base Tokens; 0.75M to DAO, 0.5M to Foundation.
- Coinbase Custody Trust Company to act as custodian for ZEN Base Tokens post-migration.
- Sponsor to evaluate token adoption and trust viability by December 2025; may discontinue trust.

## SEC filing metadata
- accession: 0000950170-25-096921
- form_type: 8-K
- ticker: HZEN
- cik: 0001748945
- company_name: Grayscale Horizen Trust (ZEN)
- filed_at: 2025-07-18T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1748945/000095017025096921/0000950170-25-096921-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1748945/000095017025096921/hzen-20250718.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-096921
- JSON: https://secwatch.observer/filing/0000950170-25-096921.json
- Plain text: https://secwatch.observer/filing/0000950170-25-096921.txt

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