HZEN
Grayscale Horizen Trust (ZEN)

Grayscale Horizen Trust (ZEN) (the "Trust") is an investment vehicle that enables investors to gain access and exposure to Horizen ("ZEN") in the form of a security without the challenges of buying, storing, and safekeeping ZEN directly. Shares are distributed through sales in private placement transactions and become eligible to sell into the public market after a statutory six-month holding period. While an investment in the shares is not a direct investment in ZEN, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ZEN. The shares are quoted on OTC under the ticker symbol "HZEN." The Trust's investment objective is for its shares (based on ZEN per share) to reflect the value of the ZEN held by the Trust, less the Trust's expenses and other liabilities. There can be no assurance that the value of the shares of the Trust will reflect the value of the Trust's ZEN, less the Trust's expenses and other liabilities, and the shares may trade at a substantial premium over, or substantial discount to, such value and the Trust may be unable to meet its investment objective. To the extent shares trade at a substantial premium, investors who purchase shares on OTC will pay substantially more for their shares than investors who purchase shares in the private placement. ZEN per share is updated daily: www.grayscale.com/crypto-products/grayscale-horizen-trust/. The Trust's sponsor is Grayscale Investments, LLC.