Complete Filing Data
Grayscale Horizen Trust (ZEN) reported Unrealized Gain Loss On Investments of -$3.47 million for FY2025.
All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean Grayscale Horizen Trust (ZEN) did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.
Income Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Income Loss | -$3.9M | $96.0K | -$4.0M | -$35.2M | $36.0M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q2 2025 | Q1 2025 | Q4 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income Loss | -$1.4M | -$18.2M | $15.4M | -$4.9M | $3.3M | $789.0K | -$1.2M | $1.1M | -$3.0M |
Balance Sheet
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Unrealized Gain Loss On Investments | -$3.5M | $400.0K | -$3.7M | -$34.9M | $36.2M | $891.0K | |
| Gain Loss On Investments | -$3.6M | $236.0K | -$3.9M | -$34.6M | $36.8M | $751.0K | |
| Assets Net | $7.5M | $4.8M | $4.7M | $8.7M | $43.9M | $2.5M | $1.2M |
| Stockholders Equity Period Increase Decrease | $6.6M | $0.00 | $0.00 | $0.00 | $5.5M | $597.0K | |
| Liabilities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Investment Owned Percent Of Net Assets | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||
| Assets | $7.5M | $4.8M | $4.7M | $8.7M | $43.9M | ||
| Investment Company Net Assets Period Increase Decrease | -$35.2M | $41.4M | $1.3M | ||||
| Investment Company Net Assets From Operations Increase Decrease | -$35.2M | $36.0M | $677.0K | ||||
| Additional Paid In Capital Common Stock | $13.6M | ||||||
| Accounts Payable Related Parties Current And Noncurrent | $0.00 | ||||||
| Accounts Receivable Related Parties | $0.00 | $1.1M | |||||
| Net Change In Unrealized Depreciation Appreciation On Sponsor S Fee Payable | $0.00 | $0.00 | -$2.0K |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrealized Gain Loss On Investments | $500.0K | -$1.3M | -$18.1M | $15.5M | $919.0K | -$4.8M | $3.4M | $867.0K | -$769.0K | -$1.1M | $1.2M | -$3.0M | $911.0K | -$22.3M | -$6.9M | -$6.7M | $2.4M | $8.0M | $23.7M | $2.1M |
| Gain Loss On Investments | $433.0K | -$1.4M | -$18.1M | $15.4M | $876.0K | -$4.8M | $3.4M | $826.0K | -$816.0K | -$1.2M | $1.1M | -$3.0M | $896.0K | -$22.2M | -$6.8M | -$6.4M | $2.6M | $8.3M | $23.8M | $2.1M |
| Assets Net | $7.1M | $8.4M | $25.7M | $3.9M | $8.8M | $5.5M | $5.5M | $6.7M | $5.6M | $7.9M | $30.2M | $37.2M | $39.2M | $30.7M | ||||||
| Stockholders Equity Period Increase Decrease | $106.0K | $924.0K | $5.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $534.0K | |||||||
| Liabilities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||
| Investment Owned Percent Of Net Assets | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||||||
| Assets | $7.1M | $8.4M | $25.7M | $3.9M | $8.8M | $5.5M | $5.5M | $6.7M | $5.6M | $7.9M | ||||||||||
| Investment Company Net Assets Period Increase Decrease | -$1.2M | $1.1M | -$3.0M | -$22.3M | -$7.0M | -$6.8M | $8.5M | |||||||||||||
| Investment Company Net Assets From Operations Increase Decrease | -$1.2M | $1.1M | -$3.0M | -$22.3M | -$7.0M | -$6.8M | $8.0M | |||||||||||||
| Additional Paid In Capital Common Stock | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | |||||||||||
| Accounts Payable Related Parties Current And Noncurrent | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||
| Accounts Receivable Related Parties | $0.00 | |||||||||||||||||||
| Net Change In Unrealized Depreciation Appreciation On Sponsor S Fee Payable |
Cash Flow Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Increase Decrease In Net Assets From Operations And Capital Share Transactions | $2.7M | $96.0K | -$4.0M | -$35.2M | $41.4M | |
| Increase Decrease In Operating Assets | -$35.2M | $36.0M | $677.0K |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q2 2025 | Q1 2025 | Q4 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Increase Decrease In Net Assets From Operations And Capital Share Transactions | -$1.3M | -$17.3M | $20.9M | -$4.9M | $3.3M | $789.0K | -$1.2M | $1.1M | -$3.0M | ||||||||
| Increase Decrease In Operating Assets | -$3.0M | $832.0K | -$22.3M | -$7.0M | -$6.8M | $2.3M | $8.0M | $23.7M | $2.0M |
Per-Share & Share Counts
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Net Asset Value Per Share | $0.65 | $0.70 | $0.68 | $1.27 | $6.43 | $0.54 | $0.32 |
| Shares Outstanding | 11.4M | 6.8M | 6.8M | 6.8M | 6.8M | 4.7M | 3.8M |
| Common Stock Shares Outstanding | 11.4M | 6.8M | 6.8M | 6.8M | 6.8M | ||
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q2 2025 | Q1 2025 | Q4 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Asset Value Per Share | $0.62 | $0.75 | $2.46 | $0.57 | $1.29 | $0.80 | $0.81 | $0.98 | $0.82 | $1.15 | $4.42 | $5.44 | $6.03 | $4.76 |
| Shares Outstanding | 11.4M | 11.3M | 10.4M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.5M | 6.4M |
| Common Stock Shares Outstanding | 11.4M | 11.3M | 10.4M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | 6.8M | ||||
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Other Metrics
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Realized Investment Gains Losses | -$173.0K | -$164.0K | -$164.0K | $346.0K | $568.0K | -$138.0K |
| Sponsor Fees | $246.0K | $140.0K | $147.0K | $664.0K | $816.0K | $74.0K |
| Investment Income Net | -$246.0K | -$140.0K | -$147.0K | -$664.0K | -$816.0K | -$74.0K |
| Stock Issued During Period Value New Issues | $6.6M | $0.00 | $0.00 | $0.00 | $5.5M | $597.0K |
| Stock Issued During Period Shares Period Increase Decrease | 4.6M | 0.00 | 0.00 | 0.00 | 2.2M | 872.0K |
| Stock Issued During Period Shares New Issues | 4.6M | 0.00 | 0.00 | 0.00 | 2.2M | 872.0K |
| Investment Income | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Investment Owned At Fair Value | $7.5M | $4.8M | $4.7M | $8.7M | $42.8M | |
| Investment Owned At Cost | $18.2M | $12.0M | $12.3M | $12.6M | $12.9M | |
| Quantityofhorizen | $955.4K | $586.3K | $601.1K | |||
| Accumulated Net Realized Gain On Investment | $680.0K | $334.0K | ||||
| Accumulated Net Investment Loss | $1.6M | $977.0K | ||||
| Investment Owned Unrecognized Unrealized Appreciation Depreciation Net | -$3.9M | $31.0M | ||||
| Investmentincome | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Due From Related Parties | $0.00 | $1.6M | ||||
| Net Asset | ||||||
| Investment Owned Accumulated Net Change In Unrecognized Unrealized Appreciation Depreciation Net | ||||||
| Additional Paid In Capital | $13.6M | $13.6M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Realized Investment Gains Losses | -$67.0K | -$61.0K | -$21.0K | -$24.0K | -$43.0K | -$43.0K | -$37.0K | -$41.0K | -$47.0K | -$44.0K | -$37.0K | -$36.0K | -$15.0K | $23.0K | $90.0K | $248.0K | $203.0K | $296.0K | $94.0K | -$25.0K |
| Sponsor Fees | $48.0K | $52.0K | $90.0K | $56.0K | $32.0K | $33.0K | $38.0K | $37.0K | $30.0K | $33.0K | $41.0K | $43.0K | $64.0K | $102.0K | $169.0K | $329.0K | $274.0K | $362.0K | $155.0K | $25.0K |
| Investment Income Net | -$48.0K | -$52.0K | -$90.0K | -$56.0K | -$32.0K | -$33.0K | -$38.0K | -$37.0K | -$30.0K | -$33.0K | -$41.0K | -$43.0K | -$64.0K | -$102.0K | -$169.0K | -$329.0K | -$274.0K | -$362.0K | -$155.0K | -$25.0K |
| Stock Issued During Period Value New Issues | $106.0K | $924.0K | $5.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $534.0K | |||||||
| Stock Issued During Period Shares Period Increase Decrease | 154.3K | 832.1K | 3.6M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 61.0K | |||||||
| Stock Issued During Period Shares New Issues | 154.3K | 832.1K | 3.6M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 61.0K | |||||||
| Investment Income | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||
| Investment Owned At Fair Value | $7.1M | $8.4M | $25.7M | $3.9M | $8.8M | $5.5M | $5.5M | $6.7M | $5.6M | $7.9M | ||||||||||
| Investment Owned At Cost | $18.3M | $18.3M | $17.5M | $12.1M | $12.1M | $12.2M | $12.4M | $12.4M | $12.5M | $12.7M | ||||||||||
| Quantityofhorizen | $961.5K | $954.4K | $889.4K | $590.0K | $593.7K | $597.4K | ||||||||||||||
| Accumulated Net Realized Gain On Investment | $395.0K | $438.0K | $475.0K | $516.0K | $563.0K | $607.0K | $644.0K | $695.0K | ||||||||||||
| Accumulated Net Investment Loss | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.7M | $1.7M | $1.6M | ||||||||||||
| Investment Owned Unrecognized Unrealized Appreciation Depreciation Net | -$3.3M | -$6.8M | -$7.6M | -$6.9M | -$5.7M | $6.9M | $4.8M | |||||||||||||
| Investmentincome | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||
| Due From Related Parties | $0.00 | |||||||||||||||||||
| Net Asset | $7.9M | $43.9M | ||||||||||||||||||
| Investment Owned Accumulated Net Change In Unrecognized Unrealized Appreciation Depreciation Net | $8.1M | $7.6M | ||||||||||||||||||
| Additional Paid In Capital |
Most recent annual filing with the SEC: November 25, 2025
Data sourced from SEC EDGAR public filings as of August 8, 2026.