UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
CoinDesk Indices, Inc. (the “Reference Rate Provider”) announced a change to the Constituent Exchanges used to derive the Reference Rate Price for Grayscale Horizen Trust (ZEN) (the “Trust”). Effective June 16, 2023, the Reference Rate Provider removed Binance.US from the CoinDesk Horizen Reference Rate (the “Reference Rate”) due to Binance.US’s announcement that the exchange is suspending U.S. dollar (“USD”) deposits and withdrawals and plans to delist its USD trading pairs, and did not add any Constituent Exchanges as part of its review. As a result of this removal, there were no longer sufficient Constituent Exchanges for the Reference Rate Provider to continue producing the Reference Rate pursuant to the Constituent Exchange selection methodology described in “Item 1. Business—Overview of the ZEN Industry and Market—ZEN Value—The Reference Rate and the Reference Rate Price—Constituent Exchange Selection” in the Trust’s Annual Report on Form 10-K for the year ended September 30, 2022, as filed with the Securities and Exchange Commission on November 21, 2022 (the “Annual Report”).
If the Reference Rate becomes unavailable, the Sponsor employs an alternative method to determine the Reference Rate Price under the cascading set of rules set forth in “Item 1. Business—Overview of the ZEN Industry and Market—ZEN Value—The Reference Rate and the Reference Rate Price—Determination of the Reference Rate Price When Reference Rate Price is Unavailable” in the Trust’s Annual Report. Accordingly, the Sponsor will determine the Reference Rate by reference to the price set by the Coin Metrics Real-Time Rate.
In addition, the Sponsor may, in its sole discretion, select a different reference rate provider, select a different reference rate provided by the Reference Rate Provider, or calculate the Reference Rate Price by using the cascading set of rules or change the cascading set of rules mentioned above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Grayscale Investments, LLC as Sponsor of Grayscale Horizen Trust (ZEN) |
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Date: |
June 23, 2023 |
By: |
/s/ Michael Sonnenshein |
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Michael Sonnenshein |