---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-331057"
form_type: "8-K"
ticker: "HZEN"
cik: "0001748945"
company_name: "Grayscale Horizen Trust (ZEN)"
filed_at: "2025-12-23T23:59:59+00:00"
generated_at: "2026-05-16T12:16:48.250357+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Grayscale Horizen Trust changes fiscal year to Dec 31, continues trust operations after token migration

## Summary
- Fiscal year changed from Sept 30 to Dec 31, effective for FY beginning Jan 1, 2025; transition report on Form 10-KT for Oct-Dec 2025 to be filed.
- Sponsor evaluated trust viability after migration of ZEN tokens from legacy Horizen blockchain to Base Network; determined to continue trust and not dissolve at this time.
- Sponsor does not currently believe migration alters prior conclusions on ZEN's status under federal securities laws, but continues to evaluate.
- Sponsor may re-evaluate trust's viability in future per Trust Agreement and applicable law.

## SEC filing metadata
- accession: 0001193125-25-331057
- form_type: 8-K
- ticker: HZEN
- cik: 0001748945
- company_name: Grayscale Horizen Trust (ZEN)
- filed_at: 2025-12-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1748945/000119312525331057/0001193125-25-331057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1748945/000119312525331057/hzen-20251223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-331057
- JSON: https://secwatch.observer/filing/0001193125-25-331057.json
- Plain text: https://secwatch.observer/filing/0001193125-25-331057.txt

## Source-grounded claims
- claim_id: d9ed9f224ead4539e37d0c02b444564059e5673f
  claim: Grayscale Horizen Trust (ZEN): Fiscal year-end changed from September 30 to December 31 (effective 2025-01-01).
  evidence_excerpt: On December 23, 2025, Grayscale Investments Sponsors, LLC (the “Sponsor”) amended the fiscal year-end of Grayscale Horizen Trust (ZEN) (the “Trust”) for financial accounting purposes, moving from September 30 to December 31 of each year, effective for the fiscal year beginning on January 1, 2025 and ending on December 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1748945/000119312525331057/0001193125-25-331057-index.htm

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