Grayscale Horizen Trust (ZEN) 8-K

What Happened
Grayscale Investments Sponsors, LLC (the “Sponsor”) filed an 8-K on December 23, 2025 amending the Trust’s fiscal year-end for financial accounting from September 30 to December 31, effective for the fiscal year beginning January 1, 2025 and ending December 31, 2025. The Trust will file a transition report on Form 10-KT for the short period October 1, 2025 through December 31, 2025. The Sponsor also confirmed it will continue the affairs of the Grayscale Horizen Trust (ZEN) and does not intend to discontinue or dissolve the Trust at this time while it continues evaluating effects of the migration of ZEN tokens to the Base Network.

Key Details

• Effective fiscal year change: fiscal year-end moved from Sept. 30 to Dec. 31 for the 2025 fiscal year (Jan 1–Dec 31, 2025).
• Transition filing: Trust intends to file a Form 10-KT covering Oct. 1–Dec. 31, 2025.
• Migration review: Sponsor is evaluating the impact of the migration of ZEN tokens from the legacy Horizen blockchain to the Base Network and has consulted external counsel (received a legal memorandum).
• Continuation decision: As of Dec. 23, 2025 the Sponsor will continue the Trust and is not dissolving it, but may re-evaluate viability in the future.

Why It Matters
The fiscal year change alters the Trust’s reporting calendar and creates a short transition reporting period (investors should expect a Form 10-KT for Oct–Dec 2025). Separately, the Sponsor’s ongoing legal and operational review of the ZEN token following its migration could affect whether ZEN is treated as a “security” under U.S. law — a determination that, if adverse, could materially affect ZEN’s value or the Trust’s viability. For now, the Sponsor is continuing the Trust and monitoring counsel advice, so investors should watch subsequent filings for any change in the legal analysis or decisions about the Trust’s future.