Grayscale Investments, LLC completed an internal reorganization on January 1, 2025, which resulted in the merger of the company into Grayscale Operating, LLC, with the latter continuing as the surviving entity. This reorganization is not expected to impact the operations of the Grayscale Horizen Trust (ZEN), a cryptocurrency investment product.
The merger was part of a larger corporate restructure involving the assignment of specific contracts related to the Trust's sponsorship to Grayscale Investments Sponsors, LLC, a subsidiary of Grayscale Operating, LLC. These contracts, known as Sponsor Contracts, were transferred under three separate agreements: an Assignment and Assumption Agreement, a Coinbase (NASDAQ:COIN) Assignment Agreement, and a Foreside Assignment Agreement, all dated January 1, 2025.
As a result of these agreements, Grayscale Investments Sponsors, LLC assumed all rights and obligations under the Sponsor Contracts. The reorganization also involved the admission of Grayscale Investments Sponsors, LLC as an additional sponsor of the Trust under the Trust Agreement.
On January 3, 2025, Grayscale Operating, LLC initiated a voluntary withdrawal as a sponsor of the Trust, which will become effective after a 120-day notice period. Following this period, Grayscale Investments Sponsors, LLC will become the sole sponsor of the Grayscale Horizen Trust.
The Trust, which is registered under the name Grayscale Horizen Trust (ZEN) and trades under the symbol HZEN, is a cryptocurrency investment vehicle that allows investors exposure to Horizen (ZEN), a privacy-focused digital currency.
The information for this article is based on a press release statement.
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