3. Fair Value of ZEN ZEN is held by the Custodian on behalf of the Trust and is carried at fair value. As of March 31, 2026 and December 31, 2025, the Trust held 943,574.15358407 and 949,408.87165001 ZEN, respectively. The Trust determined the fair value per ZEN to be $5.63 and $9.14 on March 31, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of ZEN and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ZEN amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
889,400.61619664 |
|
|
$ |
25,713 |
|
ZEN contributed |
|
|
70,658.46700949 |
|
|
|
924 |
|
ZEN distributed for Sponsor’s Fee, related party |
|
|
(5,663.31857260 |
) |
|
|
(90 |
) |
Net change in unrealized appreciation/depreciation on investment in ZEN |
|
|
- |
|
|
|
(18,118 |
) |
Net realized loss on investment in ZEN |
|
|
- |
|
|
|
(21 |
) |
Balance at March 31, 2025 |
|
|
954,395.76463353 |
|
|
$ |
8,408 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except ZEN amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
|
949,408.87165001 |
|
|
$ |
8,673 |
|
ZEN contributed |
|
|
- |
|
|
|
- |
|
ZEN distributed for Sponsor’s Fee, related party |
|
|
(5,834.71806594 |
) |
|
|
(42 |
) |
Net change in unrealized appreciation/depreciation on investment in ZEN |
|
|
- |
|
|
|
(3,252 |
) |
Net realized loss on investment in ZEN |
|
|
- |
|
|
|
(69 |
) |
Balance at March 31, 2026 |
|
|
943,574.15358407 |
|
|
$ |
5,310 |
|
|