8-K: Grayscale Horizen Trust Amends Trust Agreement to Align Business Day Definition with Securities Exchange Closures
Trust Agreement Amendment
Grayscale Horizen Trust has amended its trust agreement to redefine 'Business Day' to align with national securities exchange closures, rather than bank closures.
Summary
- Grayscale Horizen Trust (ZEN) has modified its Trust Agreement through Amendment No. 3.
- The key change is to the definition of 'Business Day', which now aligns with the closure of national securities exchanges in New York, rather than bank closures.
- This amendment was made by Grayscale Investments, LLC, the sponsor, and Delaware Trust Company, the trustee, effective March 22, 2024.
- The amendment aims to clarify the rights of shareholders and is made under Section 10.1 of the Trust Agreement, which allows for amendments without shareholder consent.
- The amendment is governed by the laws of the State of Delaware.
Sentiment
Score: 7
Explanation: The document reflects a routine operational update with no significant positive or negative implications. The change is logical and expected.
Positives
- The change in the definition of 'Business Day' provides clarity and consistency for the Trust's operations.
- The amendment was made without the need for shareholder consent, streamlining the process.
- The amendment is effective immediately as of March 22, 2024.
Risks
- There are no immediate risks identified in the document.
- The document does not mention any potential future challenges.
Future Outlook
The document does not contain any forward-looking statements or guidance.
Management Comments
- Michael Sonnenshein, CEO of Grayscale Investments, LLC, signed the amendment on behalf of the sponsor.
Industry Context
This amendment is a minor operational adjustment and does not appear to be related to any broader industry trends or competitive pressures.
Comparison to Industry Standards
- The change to align the definition of 'Business Day' with securities exchange closures is a common practice for investment trusts and funds.
- Many similar trusts and funds use the same definition to ensure consistency in operations and reporting.
Stakeholder Impact
- The change in the definition of 'Business Day' is unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| August 6, 2018 | Date of the original Amended and Restated Declaration of Trust and Trust Agreement. |
| January 11, 2019 | Date of Amendment No. 1 to the Trust Agreement. |
| June 28, 2022 | Date of Amendment No. 2 to the Trust Agreement. |
| March 22, 2024 | Date of Amendment No. 3 to the Trust Agreement and effective date of the changes. |
| March 25, 2024 | Date of the 8-K filing. |
Keywords
Grayscale Horizen Trust, ZEN, Trust Agreement, Amendment, Business Day, Securities Exchange, Delaware Trust Company, Grayscale Investments
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