Grayscale Horizen Trust (Zen) (the Trust) is an investment vehicle. 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. It distributes ZEN in connection with redemption baskets. The investment objective of the Trust is for its shares to reflect the value of ZEN held by the Trust, as determined by reference to a ZEN index price, less the Trust’s expenses and other liabilities. The Trust may also hold incidental rights and/or IR virtual currency in accordance with the terms of the Trust Agreement. The Trusts does not generate any income.