Established on July 3, 2018, and headquartered in New York, NY, Grayscale Horizen Trust functions as a closed-end investment vehicle.
Sector: Commodity Contracts Brokers & Dealers
Industry: Asset Management
Grayscale Expands Access to In-Kind Transfers Across Its Digital Asset Investment Platform
Grayscale announced that eligible investors can now make in-kind subscriptions — contributing underlying digital assets directly in exchange for shares — across select products on its platform. The eligible products list includes ten ETPs (GAVA, BTC, GLNK, ETH, GDOG, HYPG, GSOL, GSUI, GXRP, ZCSH) with approximate minimums ranging from $80,300 to $364,800; BCHG is not named among the eligible products. For BCHG holders, the news is indirect platform-level marketing from the sponsor rather than a product-specific change; access requires an Authorized Participant and remains subject to facilitator fees and product availability.
Grayscale Investments Partners with Republic to Expand Investor Access to Investment Products
Grayscale announced a partnership with Republic to distribute select Grayscale private funds to accredited investors with a $2,500 minimum. The products involved are the Grayscale DeFi Fund, Decentralized AI Fund, and Data Network Trust — the BCHG trust is not among the offerings in this deal. As such, the announcement is a Grayscale corporate update with no direct bearing on BCHG's holdings or structure.
Grayscale Investments Launches Grayscale Model Portfolios to Help Advisors Deliver Digital Asset Allocations at Scale
Grayscale Investments launched Grayscale Model Portfolios, a suite of four professionally constructed model portfolios that give financial advisors suggested digital asset allocations built from Grayscale exchange traded products. The strategies — Digital Assets Core Plus, Leaders, Next Gen, and Infrastructure — are market-cap weighted, rebalanced quarterly, and cap any single asset at 40%, with asset selection, position sizing, and diversification built into each methodology. Grayscale Advisors, LLC will deliver the models to financial platforms while advisors retain discretion over client implementation. The release is a sponsor-level business update: the BCHG trust is not referenced and no direct or quantified benefit to BCHG holders is stated.
HZEN: 8-K · other
Effective September 1, 2026, Grayscale Horizen Trust (ZEN) will calculate its NAV and NAV per share using the CoinDesk Horizen Benchmark Extended Rate, replacing the CoinDesk Horizen Reference Rate previously used to value the Trust's ZEN tokens. The Item 8.01 filing describes the new index's methodology, including volume weighting across licensed constituent trading platforms, a +/-5% outlier detection rule, inactivity de-weighting, and manipulation-resistance criteria aligned with IOSCO principles for financial benchmarks. If the Index Price becomes unavailable or is deemed inaccurate, the Sponsor will fall back sequentially to the Coin Metrics Real-Time Rate, then the Trust's principal market price, and finally a good faith estimate at the Sponsor's sole discretion. No changes to the Trust's holdings or investment strategy were disclosed.
The Zcash ETF (Ticker: ZCSH), Built By Grayscale, Begins Trading on NYSE Arca, Expanding Investor Access to the Leading Privacy-Focused Digital Currency
Grayscale has launched the Zcash ETF (ZCSH) on NYSE Arca, offering investors spot exposure to the privacy-focused Zcash token (ZEC) through an exchange-traded product structure. The fund provides access to ZEC without the operational complexities of holding the asset directly, marking the first ETP to offer spot exposure to Zcash. While Grayscale expands its product suite with this launch, the announcement pertains specifically to ZCSH and does not impact the assets or operations of the BCHG trust.
Grayscale Investments Announces Rebalancing of Multi-Asset Funds for Second Quarter 2026
Grayscale Investments announced the results of its second quarter 2026 review, updating the portfolio weightings for the Grayscale DeFi Fund (DEFG), Smart Contract Fund (GSC), and Decentralized AI Fund. The rebalancing actions included selling Uniswap from the DEFG Fund and NEAR Protocol from the AI Fund, while the GSC Fund sold components in proportion to weightings to purchase BNB. This operational update concerns other funds within the Grayscale suite and does not provide specific guidance or performance data for the BCHG fund.
HZEN: 10-Q · periodic report
Grayscale Horizen Trust (ZEN) filed its 10-Q for the quarter ended June 30, 2026, reporting net assets of $3.78 million, a 56% decline for the six-month period, driven by ZEN price depreciation from $9.14 on December 31, 2025 to $4.03 on June 30, 2026. Second-quarter operations produced a $1,532 thousand net decrease in net assets, including a $1,421 thousand unrealized loss, a $79 thousand realized loss on ZEN sold to pay fees, and a $32,647 Sponsor's Fee; quarterly total return was -28.26% versus -17.33% in the year-ago quarter. The trust holds 937,711 ZEN against 11,425,100 shares outstanding, with NAV per share down to $0.33 from $0.76 at year-end; no share creations occurred in 2026 and the trust continues to operate no redemption program. Management concluded disclosure controls were effective and reported no material changes to risk factors or legal proceedings, while DCG's $10 million HZEN purchase authorization remains $9.99 million unused with no purchases since June 2022.
Grayscale Investments Appoints Sebastian Pulido as Managing Director, Head of Onchain Asset Management
Grayscale appointed Sebastian Pulido as Managing Director and Head of Onchain Asset Management to lead the development of new onchain investment products. Pulido brings over 15 years of experience from Aave Labs, J.P. Morgan, and Goldman Sachs, focusing on institutional blockchain strategy and DeFi. The announcement follows a strong first half for Grayscale, with its Bitcoin Mini Trust ranking first in inflows and the Hyperliquid Staking ETF surpassing $100 million in AUM.
HZEN: 8-K · leadership change
Grayscale Investments Sponsors, LLC, the sponsor of Grayscale Horizen Trust, announced leadership changes effective July 2, 2026. Edward McGee stepped down as Chief Financial Officer, Principal Financial and Accounting Officer, and member of the Board of Managers of the Sponsor. Mr. McGee is stepping down for personal reasons and not due to any disagreement with the Company or any matter relating to Grayscale’s operations, policies or practices. Kathryn Masci and Daniel Plourde, both Senior Vice Presidents of Finance at Grayscale, were appointed to serve as Co-Chief Financial Officers of Grayscale Investments Sponsors, LLC on an interim basis. Additionally, Ms. Masci was appointed as a member of the Board of Managers of the Sponsor and will serve as the Principal Financial and Accounting Officer of the registrant. Ms. Masci and Mr. Plourde bring significant experience in financial services, fund administration, and accounting to their new roles.
Grayscale Investments Appoints Steve Vanourny as Head of Index
Grayscale appointed Steve Vanourny as Head of Index, a newly created role reporting to CEO Peter Mintzberg. Vanourny joins from ProShares and State Street, where he held senior roles in product development and investment analytics. The hire supports Grayscale's expansion of its index platform across ETFs and private funds as the firm reports strong net inflows for its BTC product.
Grayscale Investments Launches the Lowest Gross Fee Hyperliquid ETP in the U.S. with Grayscale® Hyperliquid Staking ETF (Ticker: HYPG)
Grayscale launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, offering investors exposure to the HYPE token and its staking rewards. The fund carries a gross management fee of 0.29%, which Grayscale claims is the lowest among U.S. Hyperliquid ETPs. Hyperliquid generated approximately $857 million in fees in 2025, with 99% of those fees directed to the protocol via buybacks, highlighting the value-accretive nature of the underlying asset.
