secwatch.observer — SEC 8-K summary
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Issuer:     Grayscale Horizen Trust (ZEN) (HZEN)
CIK:        0001748945
Form:       8-K
Filed at:   2026-08-27T20:07:44+00:00
Accession:  0001193125-26-371276
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1748945/000119312526371276/0001193125-26-371276-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1748945/000119312526371276/hzen-20260827.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-371276

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