Grayscale Horizen Trust (ZEN) Fiscal Year Change

Grayscale Horizen Trust (ZEN) has amended its fiscal year-end for financial accounting purposes from September 30 to December 31, effective for the fiscal year beginning January 1, 2025. This change necessitates a transition report for the period of October 1, 2025, to December 31, 2025. The Trust also addressed the ongoing viability of the Trust following the migration of ZEN tokens, with the Sponsor determining to continue the Trust's operations at this time, though future re-evaluation is possible. This decision was made after considering the security status of ZEN and related transactions under federal securities laws, with no current belief that the migration alters prior conclusions, although the analysis is ongoing.