Fri, Aug 2, 1:30 PM (88 days ago)
Grayscale Horizen Trust (ZEN) reported a significant decline in its financial performance for the quarter ended June 30, 2024. Net assets decreased by 55% to $3,923,000 from $8,804,000 at the beginning of the period, driven primarily by a substantial depreciation in the value of ZEN, which fell from $14.83 to $6.65 per unit. The Trust recorded a net realized and unrealized loss on investment in ZEN of $4,848,000, compounded by a Sponsor’s Fee of $33,000. For the nine months ended June 30, 2024, net assets fell by 16%, attributed to ZEN price depreciation and payment of the Sponsor’s Fee. The Trust’s assets were fully invested in ZEN, with no liabilities reported. The Trust is not currently accepting redemption requests and has no intention of seeking regulatory approval for a redemption program. Key risks include market volatility, regulatory uncertainties, and potential operational risks.