Grayscale Horizen Trust (ZEN) provides passive investment exposure to the Horizen digital asset. Its growth has been constrained by volatile markets and a structure that currently excludes redemptions, causing shares to trade at premiums or discounts to net asset value. The Trust’s prospects depend on regulatory developments around ZEN’s classification, potential introduction of a redemption program, and competition from newer staking ETFs. Despite improved net income reported in 2025, ongoing volatility and regulatory risks temper outlook, while capital allocation remains limited to minimal share repurchases without dividends.