Grayscale Horizen Trust changes ZEN valuation benchmark to CoinDesk Benchmark Extended Rate

Grayscale Horizen Trust (ZEN)

Effective Sept 1, 2026, Trust switches NAV valuation from CoinDesk Horizen Reference Rate to CoinDesk Horizen Benchmark Extended Rate.
New Index is volume-weighted, calculated every 5 seconds over 24 hours, with outlier detection and inactivity de-weighting.
Illustrative constituent weights: Crypto.com 67.06%, Kraken 14.57%, LMAX Digital 11.88%, Bitstamp by Robinhood 6.49%.
Fallback cascade: Index, then Coin Metrics Real-Time Rate, then principal market spot, then Sponsor's good faith estimate.
Index Provider may alter methodology without consent; Sponsor may switch provider or change rules with SEC filing.

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