• Income Statement
• Balance Sheet
• Cash Flow
• Ratios
• Market Data
• Valuation

	Grayscale Horizen Trust (ZEN) (HZEN)
	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014	Q1-CY2014	Q4-CY2013
Balance Sheet Date		2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31	2023-Sep-30	2023-Jun-30	2023-Mar-31	2022-Dec-31	2022-Sep-30	2022-Jun-30
Fiscal Period		Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023	Q3-FY2023	Q2-FY2023	Q1-FY2023	Q4-FY2022	Q3-FY2022
Total Revenue		(67,000$)	(61,000$)	(21,000$)	(24,000$)	(43,000$)	(43,000$)	(37,000$)	(41,000$)	(47,000$)	(44,000$)	(37,000$)	(36,000$)	(15,000$)	23,000$	90,000$	248,000$	203,000$	296,000$
QoQ%		(9.84%)	(190.48%)	12.50%	44.19%	.00%	(16.22%)	9.76%	12.77%	(6.82%)	(18.92%)	(2.78%)	(140.00%)	(165.22%)	(74.44%)	(63.71%)	22.17%	(31.42%)
YoY%		(55.81%)	(41.86%)	43.24%	41.46%	8.51%	2.27%	.00%	(13.89%)	(213.33%)	(291.30%)	(141.11%)	(114.52%)	(107.39%)	(92.23%)
Cost Of Revenue		0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$
Gross Profit		(67,000$)	(61,000$)	(21,000$)	(24,000$)	(43,000$)	(43,000$)	(37,000$)	(41,000$)	(47,000$)	(44,000$)	(37,000$)	(36,000$)	(15,000$)	23,000$	90,000$	248,000$	203,000$	296,000$
Gross Margin		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Expenses
Operating Income
Operating Margin
Interest Income
Interest Expenses
Income Before Tax		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)
Tax Expenses
Net Income		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)
Profit Margin		(574.63%)	2,324.59%	86,804.76%	(64,070.83%)	(1,962.79%)	11,351.16%	(9,037.84%)	(1,924.39%)	1,800.00%	2,720.46%	(2,897.30%)	8,469.44%
TTM		2,245.67%	2,299.33%	5,258.78%	(9,989.12%)	(58.54%)	948.81%	(1,236.69%)	107.69%	2,451.22%
Earnings to Minority
Earnings to Common Shareholders		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)
QoQ%		127.15%	92.22%	(218.55%)	1,721.92%	117.29%	(245.96%)	323.83%	193.26%	29.32%	(211.66%)	135.16%
YoY%		(54.38%)	70.95%	(645.13%)	1,848.92%	199.76%	(307.77%)	211.94%	125.88%
Earnings Per Share, Basic
Earnings Per Share, Diluted
Unlevered FCF Per Share, Basic
Unlevered FCF Per Share, Diluted
Average Shares, Basic
Average Shares, Diluted
EBIT		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)
EBITDA		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)

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