<?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>0001652536</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>1748945</issuerCik>
            <issuerName>GRAYSCALE HORIZEN TRUST (ZEN)</issuerName>
            <secFileNumber>000-56435</secFileNumber>
            <issuerAddress>
                <com:street1>290 Harbor Drive</com:street1>
                <com:city>Stamford</com:city>
                <com:stateOrCountry>CT</com:stateOrCountry>
                <com:zipCode>06902</com:zipCode>
            </issuerAddress>
            <issuerContactPhone>212-668-1427</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Digital Currency Group, Inc.</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Affiliate</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
      <securitiesInformation>
         <securitiesClassTitle>Common</securitiesClassTitle>
         <brokerOrMarketmakerDetails>
               <name>Canaccord Genuity Inc</name>
               <address>
                  <com:street1>535 Madison Avenue, </com:street1>
                  <com:city>New York</com:city>
                  <com:stateOrCountry>NY</com:stateOrCountry>
                  <com:zipCode>10022</com:zipCode>
               </address>
         </brokerOrMarketmakerDetails>
         <noOfUnitsSold>6144</noOfUnitsSold>
         <aggregateMarketValue>3870.72</aggregateMarketValue>
         <noOfUnitsOutstanding>11425100</noOfUnitsOutstanding>
         <approxSaleDate>04/27/2026</approxSaleDate>
         <securitiesExchangeName>OTCQX</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
         <securitiesClassTitle>Common</securitiesClassTitle>
         <acquiredDate>09/30/2023</acquiredDate>
         <natureOfAcquisitionTransaction>Privately Negotiated Transaction</natureOfAcquisitionTransaction>
         <nameOfPersonfromWhomAcquired>Purchased from Issuer</nameOfPersonfromWhomAcquired>
         <isGiftTransaction>N</isGiftTransaction>
         <amountOfSecuritiesAcquired>6144</amountOfSecuritiesAcquired>
         <paymentDate>09/30/2023</paymentDate>
         <natureOfPayment>Cash</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
            <securitiesSoldInPast3Months>
               <sellerDetails>
                  <name>Digital Currency Group, Inc.</name>
                  <address>
                     <com:street1>290 Harbor Drive, 4th Floor</com:street1>
                     <com:city>Stamford</com:city>
                     <com:stateOrCountry>CT</com:stateOrCountry>
                     <com:zipCode>06902</com:zipCode>
                  </address>
               </sellerDetails>
               <securitiesClassTitle>Common</securitiesClassTitle>
               <saleDate>01/27/2026</saleDate>
               <amountOfSecuritiesSold>3705</amountOfSecuritiesSold>
               <grossProceeds>4078.83</grossProceeds>
            </securitiesSoldInPast3Months>
            <securitiesSoldInPast3Months>
               <sellerDetails>
                  <name>Digital Currency Group, Inc.</name>
                  <address>
                     <com:street1>290 Harbor Drive, 4th Floor</com:street1>
                     <com:city>Stamford</com:city>
                     <com:stateOrCountry>CT</com:stateOrCountry>
                     <com:zipCode>06902</com:zipCode>
                  </address>
               </sellerDetails>
               <securitiesClassTitle>Common</securitiesClassTitle>
               <saleDate>01/28/2026</saleDate>
               <amountOfSecuritiesSold>5052</amountOfSecuritiesSold>
               <grossProceeds>5860.32</grossProceeds>
            </securitiesSoldInPast3Months>
            <securitiesSoldInPast3Months>
               <sellerDetails>
                  <name>Digital Currency Group, Inc.</name>
                  <address>
                     <com:street1>290 Harbor Drive, 4th Floor</com:street1>
                     <com:city>Stamford</com:city>
                     <com:stateOrCountry>CT</com:stateOrCountry>
                     <com:zipCode>06902</com:zipCode>
                  </address>
               </sellerDetails>
               <securitiesClassTitle>Common</securitiesClassTitle>
               <saleDate>01/29/2026</saleDate>
               <amountOfSecuritiesSold>6063</amountOfSecuritiesSold>
               <grossProceeds>6002.37</grossProceeds>
            </securitiesSoldInPast3Months>
            <securitiesSoldInPast3Months>
               <sellerDetails>
                  <name>Digital Currency Group, Inc.</name>
                  <address>
                     <com:street1>290 Harbor Drive, 4th Floor</com:street1>
                     <com:city>Stamford</com:city>
                     <com:stateOrCountry>CT</com:stateOrCountry>
                     <com:zipCode>06902</com:zipCode>
                  </address>
               </sellerDetails>
               <securitiesClassTitle>Common</securitiesClassTitle>
               <saleDate>01/30/2026</saleDate>
               <amountOfSecuritiesSold>6063</amountOfSecuritiesSold>
               <grossProceeds>6018.74</grossProceeds>
            </securitiesSoldInPast3Months>
            <securitiesSoldInPast3Months>
               <sellerDetails>
                  <name>Digital Currency Group, Inc.</name>
                  <address>
                     <com:street1>290 Harbor Drive, 4th Floor</com:street1>
                     <com:city>Stamford</com:city>
                     <com:stateOrCountry>CT</com:stateOrCountry>
                     <com:zipCode>06902</com:zipCode>
                  </address>
               </sellerDetails>
               <securitiesClassTitle>Common</securitiesClassTitle>
               <saleDate>02/04/2026</saleDate>
               <amountOfSecuritiesSold>5052</amountOfSecuritiesSold>
               <grossProceeds>4142.64</grossProceeds>
            </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>04/27/2026</noticeDate>
            <planAdoptionDates>
            </planAdoptionDates>
            <signature>Digital Currency Group, Inc.</signature>
        </noticeSignature>
    </formData>
    </edgarSubmission>