secwatch.observer — SEC 8-K summary
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Issuer:     Grayscale Horizen Trust (ZEN) (HZEN)
CIK:        0001748945
Form:       8-K
Filed at:   2025-07-18T23:59:59+00:00
Accession:  0000950170-25-096921
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1748945/000095017025096921/0000950170-25-096921-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1748945/000095017025096921/hzen-20250718.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-096921

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer