# Grayscale Horizen Trust (HZEN)

> Source: Nexqual · https://nexqual.com/HZEN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Grayscale Horizen Trust (HZEN), nexqual.com/HZEN" · informational, not investment advice.

**Price:** USD 0.66 (-11.73% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.75 · day 0.66–0.76 · 52w 0.32–2.95 · market cap null · OQX

## Key facts
- Analysts: None.
- Total return with dividends: 1Y -52.0% vs S&P 500 +13.4%; 5Y -91.2% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $36.0M | -$35.2M | -$4.0M | $96K | -$3.9M | -$3.3M |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -52.0% | -91.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -52.1% | -38.6% |
| Volatility (annualized) | 140.7% | 138.1% |
| Max drawdown | -86.7% (Nov 2025→Aug 2026) | -96.6% (Nov 2021→Jul 2026) |

## Peers
GXLM (Grayscale Stellar Lumens Trust ) USD 24.15 +0.37% · FILG (Grayscale Filecoin Trust (FIL)) USD 2.71 +8.66% · BCHG (Grayscale Bitcoin Cash Trust (B) USD 2.18 +4.56% · GBAT (Grayscale Basic Attention Token) USD 1.19 -4.49% · LTCN (Grayscale Litecoin Trust (LTC)) USD 4.3 -1.01%

## More
Full page: https://nexqual.com/HZEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HZEN's own 10-K filed 2025-11-25 (https://www.sec.gov/Archives/edgar/data/1748945/000119312525297573/hzen-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FTX Trading | "For example, in November 2022, FTX, another of the world's largest Digital Asset Trading Platforms, filed for bankruptcy protection and subsequently halted customer withdrawals as well as trading on its FTX.US platform." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |