Wu said that Grayscale submitted an 8-K form for the Grayscale Horizen Trust (ZEN) to the U.S. Securities and Exchange Commission (SEC), indicating that the trust fund privately issued 3,565,200 shares to specific 'qualified investors', totaling approximately 304,034 ZEN tokens, valued at $4,712,299, with Grayscale Securities serving as the authorized participant. As of December 23, 2024, the total issuance reached 10,403,200 shares.