---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-371276"
form_type: "8-K"
ticker: "HZEN"
cik: "0001748945"
company_name: "Grayscale Horizen Trust (ZEN)"
filed_at: "2026-08-27T20:07:44+00:00"
generated_at: "2026-08-27T20:09:17.443112+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-371276
- form_type: 8-K
- ticker: HZEN
- cik: 0001748945
- company_name: Grayscale Horizen Trust (ZEN)
- filed_at: 2026-08-27T20:07:44+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1748945/000119312526371276/0001193125-26-371276-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1748945/000119312526371276/hzen-20260827.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-371276
- JSON: https://secwatch.observer/filing/0001193125-26-371276.json
- Plain text: https://secwatch.observer/filing/0001193125-26-371276.txt

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