On this page of Benford's Law Stocks.com we present our study of Grayscale Horizen Trust ZEN — ticker symbol HZEN. SEC filings have been screened by our Benford's Law software, for quarterly 10Q and annual 10K filings from 8/5/2022 to 11/25/2025 for Grayscale Horizen Trust ZEN under CIK number 0001748945. For filings made in XBRL (eXtensible Business Reporting Language) format, our algorithm extracts all "tagged" numbers presented by the company; for any non-XBRL filings our algorithm uses its own interal set of rules to extract what it believes to be numbers as found throughout the filings. The format found for each filing is presented below together with the results for HZEN, with the percentage of found numbers beginning with each digit (1's, 2's, 3's, 4's, 5's, 6's, 7's, 8's, and 9's) charted against the "normal" range observed throughout our coverage universe, as well as the "normal" range for Grayscale Horizen Trust ZEN based on the past HZEN filings our system processed in the past.
Benford Chart for HZEN 10K Filed 11/25/2025
27.0
10.8
14.2
16.2
5.4
9.8
8.3
3.4
4.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
XBRL? ✓  [ original filing ]
Total numbers found: 204
Recent share count: NA

■ = Typical range across full coverage universe
# of Numbers Found in Filing
Benford's Law Stocks Indicator
204
Low count compared to other filers, falling in the bottom quartile. At this number count, it would take about 2 numbers to move any given column by a full percentage point.
Benford's Law Stocks Score for HZEN = 21
21

Starting from a possible score of 100, we made the following score deductions:
 • We deducted points upon observing the 2's percentage was below the typical coverage universe range.
 • The 3's percentage was higher than the 2's percentage, increasing the penalty multiplier.
 • We deducted point (includes the impact of penalty multiplier) upon observing the 3's percentage was above the typical coverage universe range.
 • The 4's percentage was higher than the 3's percentage, increasing the penalty multiplier.
 • This is the 2nd column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 4's percentage was above the typical coverage universe range.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 4's percentage was above the company's typical historical range.
 • We deducted points upon observing the 5's percentage was below the typical coverage universe range.
 • The 6's percentage was higher than the 5's percentage, increasing the penalty multiplier.
 • This is the 3rd column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 6's percentage was above the typical coverage universe range.
 • We deducted points upon observing the 7's percentage was above the typical coverage universe range.
 • We deducted point upon observing the 7's percentage was above the company's typical historical range.
 • We deducted point upon observing the 8's percentage was below the typical coverage universe range.
 • We deducted points upon observing the 8's percentage was below the company's typical historical range.
 • The 9's percentage was higher than the 8's percentage, increasing the penalty multiplier.
 • This is the 4th column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 9's percentage was above the company's typical historical range.
HZEN's Score Vs. Typical Stock
Benford's Law Stocks Indicator
HZEN
Low score compared to other filers, falling in the bottom quartile.
Other Stocks Ranking Near HZEN
Check our work! We provide our Grayscale Horizen Trust ZEN Benford's Law analysis for informational purposes only, and our software should be expected to make mistakes and contain errors (nothing you see on this website should be relied upon for any decision-making without first repeating the analysis yourself independently), and so below we present to you all of the numbers our system detected, for the HZEN filing above. This way, you can open the filing on your own and compare what you see below against what you yourself find. This can also be helpful for exploring any columns in particular that caught your eye.

1's 2's 3's
We found 55 numbers that start with the digit 1. Here they are:
1
17,487,245
11,425,100
18,167
11,987
11,425,100
18,167
100
18,167
100
100
11,987
100
11,987
100
100
140
147
140
147
173
164
164
140
147
173
164
164
11,425,100
100
15,218.42268681
147
164
14,852.75918829
140
164
173
140,374
146,899
10
173
15,457
18,118
1,305
15,433
18,139
1,366
15,377
18,229
1,418
140
140
164
1.27
13.99
We found 22 numbers that start with the digit 2. Here they are:
246
246
236
246
2,714
21,655.58315874
246
21
2.5
245,851
246
246
24
21
236
2.94
2.50
2.50
2.50
2.50
2.50
2.50
We found 29 numbers that start with the digit 3. Here they are:
3,466
3,709
3,639
3,873
3,885
3,466
3,709
3,885
3,709
390,780.33096177
3,466
3,062,111
3,372,214
3,466
3,639
385
3,885
37
38
33
32
37
38
33
32
37
3,419
3,382
3,344
4's 5's 6's
We found 33 numbers that start with the digit 4. Here they are:
4,767
4,767
4,767
4,767
4,767
4,767
400
4,020
400
4,020
4,020
4,767
4,671
4,767
4,671
4,587,100
4,587,100
4,767
4,767
4,671
400
4,767
48
48
433
41
43
43
4,805
400
4,848
4,881
46.46
We found 11 numbers that start with the digit 5. Here they are:
586,285.79535365
586,285.79535365
586,285.79535365
50
56
52
56
52
500
57
59
We found 20 numbers that start with the digit 6. Here they are:
6,838,000
65
6,599
6,599
6,838,000
6,838,000
6,838,000
6,838,000
6,838,000
601,138.55454194
616,356.97722875
601,138.55454194
6,599
600,000
600,000
61
67
68
65
68
7's 8's 9's
We found 17 numbers that start with the digit 7. Here they are:
7,481
7,481
7,481
70
7,481
7,481
7,481
7,481
7,481
7,481
7.83
7.77
7,481
789
70
70
7.14
We found 7 numbers that start with the digit 8. Here they are:
8,691
8.13
8,691
867
826
876
844
We found 10 numbers that start with the digit 9. Here they are:
955,410.54315668
96
96
96
955,410.54315668
955,410.54315668
90
90
919
96
While the above HZEN 10K Filed 11/25/2025 is interesting in isolation, we have found that it is also useful to take a look at older Grayscale Horizen Trust ZEN filings processed by our Benford's Law Stocks algorithm, to see how the company's filings "typically look" on a Benford's Law analysis. Below we repeat the 10K Filed 11/25/2025 but instead of the chart comparing against the typical company across our coverage universe, below we show the same chart compared against the typical HZEN 10Q and 10K filings that we have processed historically. This is followed by similar charts for each of those historical filings.

10K Filed 11/25/2025
27.0
10.8
14.2
16.2
5.4
9.8
8.3
3.4
4.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 21
XBRL? ✓  [ original filing ]
Total numbers found: 204

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 2/10/2025
27.0
20.7
9.0
12.6
11.7
7.2
4.5
7.2
0.0
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 58
XBRL? ✓  [ original filing ]
Total numbers found: 111

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 5/3/2024
24.7
8.0
11.1
14.2
4.9
14.8
8.0
13.0
1.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 162

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 8/4/2023
29.1
12.7
15.2
4.2
9.7
17.0
1.8
8.5
1.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 4
XBRL? ✓  [ original filing ]
Total numbers found: 165

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10K Filed 11/18/2022
22.2
16.3
14.6
7.5
6.7
15.9
2.5
12.1
2.1
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 6
XBRL? ✓  [ original filing ]
Total numbers found: 239

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 8/1/2025
33.9
6.5
7.1
15.5
8.3
11.9
12.5
2.4
1.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 168

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10K Filed 11/22/2024
25.5
6.5
19.0
21.0
4.0
13.0
2.5
5.5
3.0
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 200

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 2/7/2024
20.7
6.9
13.8
17.2
13.8
13.8
5.2
7.8
0.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 16
XBRL? ✓  [ original filing ]
Total numbers found: 116

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 5/5/2023
33.3
8.5
7.9
7.3
2.4
24.8
2.4
9.7
3.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 165

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 8/5/2022
23.0
13.1
19.1
8.7
7.7
16.4
7.7
3.3
1.1
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 31
XBRL? ✓  [ original filing ]
Total numbers found: 183

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 5/2/2025
22.7
12.3
9.8
15.3
3.7
10.4
7.4
12.3
6.1
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 163

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 8/2/2024
30.4
7.5
17.4
13.7
8.7
13.7
4.3
3.7
0.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 47
XBRL? ✓  [ original filing ]
Total numbers found: 161

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10K Filed 11/21/2023
24.7
8.7
17.8
12.8
5.9
18.3
1.4
9.6
0.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 219

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
10Q Filed 2/8/2023
22.0
9.3
15.3
7.6
10.2
22.9
0.0
10.2
2.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 0
XBRL? ✓  [ original filing ]
Total numbers found: 118

■ = Typical HZEN range from 8/5/2022 to 11/25/2025
GDC 10Q Filed 4/10/2026:
52
SCLX 10K Filed 4/10/2026:
100
CHPGU 10K Filed 4/10/2026:
61
SLP 10Q Filed 4/10/2026:
78
QNCX 10K Filed 4/10/2026:
79
SOBR 10K Filed 4/10/2026:
49
ASPI 10K Filed 4/10/2026:
100
FGI 10K Filed 4/10/2026:
96
PLCE 10K Filed 4/10/2026:
90
CMLS 10K Filed 4/10/2026:
97
KBH 10Q Filed 4/9/2026:
94
WDFC 10Q Filed 4/9/2026:
96
WS 10Q Filed 4/9/2026:
95
NEOG 10Q Filed 4/9/2026:
96
BB 10K Filed 4/9/2026:
84
IXAQU 10K Filed 4/9/2026:
86
TLYS 10K Filed 4/9/2026:
95
BEEM 10K Filed 4/9/2026:
87
RELL 10Q Filed 4/9/2026:
64
WOR 10Q Filed 4/9/2026:
55
LEN 10Q Filed 4/9/2026:
88
SMPL 10Q Filed 4/9/2026:
90
BYRN 10Q Filed 4/9/2026:
52
NTIC 10Q Filed 4/9/2026:
67
RGP 10Q Filed 4/8/2026:
97
BYND 10K Filed 4/8/2026:
97
ALCYU 10K Filed 4/8/2026:
53
FC 10Q Filed 4/8/2026:
89
APLD 10Q Filed 4/8/2026:
84
DAL 10Q Filed 4/8/2026:
95
AEHR 10Q Filed 4/8/2026:
82
PSMT 10Q Filed 4/8/2026:
100
PCYO 10Q Filed 4/8/2026:
87
GAME 10K Filed 4/8/2026:
91
PPSI 10K Filed 4/8/2026:
82
HSPTU 10K Filed 4/8/2026:
66
BBGI 10K Filed 4/8/2026:
94
VIRC 10K Filed 4/8/2026:
84
RPM 10Q Filed 4/8/2026:
95
CHSCP 10Q Filed 4/8/2026:
96
 

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