<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001979086</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001748945</issuerCik>
      <issuerName>Grayscale Horizen Trust (ZEN)</issuerName>
      <secFileNumber>000-56435</secFileNumber>
      <issuerAddress>
        <com:street1>290 HARBOR DRIVE</com:street1>
        <com:street2>4TH FLOOR</com:street2>
        <com:city>STAMFORD</com:city>
        <com:stateOrCountry>CT</com:stateOrCountry>
        <com:zipCode>06902</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>212-668-1427</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Silbert Family Investments LLC</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Member of immediate family of any of the foregoing</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Canaccord Genuity</name>
        <address>
          <com:street1>535 Madison Ave</com:street1>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10022</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>2677</noOfUnitsSold>
      <aggregateMarketValue>2281.00</aggregateMarketValue>
      <noOfUnitsOutstanding>11425100</noOfUnitsOutstanding>
      <approxSaleDate>07/30/2025</approxSaleDate>
      <securitiesExchangeName>otcqx</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>common</securitiesClassTitle>
      <acquiredDate>08/22/2018</acquiredDate>
      <natureOfAcquisitionTransaction>privately negotiated</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>47676</amountOfSecuritiesAcquired>
      <paymentDate>08/22/2018</paymentDate>
      <natureOfPayment>usd</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Silbert Family Investments</name>
        <address>
          <com:street1>222 Purchase St</com:street1>
          <com:street2>#283</com:street2>
          <com:city>Rye</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10022</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Grayscale Horizen Trust</securitiesClassTitle>
      <saleDate>04/24/2025</saleDate>
      <amountOfSecuritiesSold>2756</amountOfSecuritiesSold>
      <grossProceeds>4515.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <remarks>previous sales listed are outside 90 days but unable to submit without adding information into that section </remarks>
    <noticeSignature>
      <noticeDate>07/30/2025</noticeDate>
      <signature>Alan Silbert</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
