GRAE HORI Stock

Grayscale Horizen Trust (Trust) is a statutory trust. The Trust holds ZEN, which is a type of virtual currency and, from time to time, issues baskets of shares in exchange for deposits of ZEN and, subject to exemptive relief from the SEC and authorization of a redemption program by the Trust's Sponsor, distributes ZEN in connection with redemption baskets. The Trust’s investment objective is for the value of the Shares (based on ZEN per Share) to reflect the value of ZEN held by the Trust, determined by reference to the Reference Rate Price, less the Trust’s expenses and other liabilities. The Trust may also receive Incidental Rights and/or IR virtual currency as a result of the Trust’s investment in ZEN. Grayscale Investments, LLC acts as the Sponsor of the Trust. The Trust does not generate any income.