Grayscale has opened its Horizen Trust (HZEN) to accredited investors, offering exposure to ZEN tokens without needing to own or manage them directly. This move comes as Horizen (ZEN), a blockchain project utilizing zero-knowledge cryptography, completed its final halving , which has sparked a rally in the ongoing crypto bull market. However, ZEN's current value remains far below its all-time high in 2021. Grayscale has managed the Horizen Trust for several years, but until now, it wasn’t available for trading. The company’s decision to publicly open HZEN to investors aligns with its broader strategy of launching new Trusts and ETFs , despite facing challenges in the market. Horizen’s final halving marks a major milestone. Unlike Bitcoin’s repetitive halvings, this was the last one for ZEN, shifting to a new token model with a gradually declining emission rate. Halvings reduce the number of tokens issued as mining rewards, and historically, they often drive price increases. While ZEN’s token value is still only about 10% of its 2021 peak, the recent bull market and this final halving have brought renewed optimism. Grayscale explained in its announcement that the Horizen Trust allows investors to benefit from ZEN’s potential growth without the complexities of buying, securing, or managing cryptocurrency. ZEN is a minable token, and its price surged in 2021 during a booming crypto market. However, like many digital assets, it faced a severe crash and only stabilized in 2022. Recent gains hint at possible recovery, which might have prompted Grayscale to move forward with HZEN. Grayscale has been active with new offerings, including other Trust products. Recently, it launched Trusts based on Lido DAO, Optimism, and Stellar (XLM). The firm is also pursuing ETFs, applying for a Solana ETF earlier this month. However, not all of Grayscale’s moves have been smooth. Its ETFs face competition, especially from major players like BlackRock, which launched its own Bitcoin ETF earlier this year. Additionally, Grayscale sold $150 million in Bitcoin despite its rising value, raising questions about its long-term ETF strategy. Horizen’s current rally and its final halving could indicate better prospects, and Grayscale may be testing the waters by publicly opening HZEN. With the crypto market showing signs of recovery, Grayscale’s decision might reflect confidence in Horizen’s future, or it could be part of its broader expansion experiments. The long-term success of HZEN, however, remains uncertain given market volatility. In summary, Grayscale’s move to make Horizen Trust publicly available signals renewed interest in ZEN, despite its lower value compared to its peak. The final halving, combined with a bullish market , has brought some hope for Horizen’s recovery, while Grayscale continues to experiment with its Trust and ETF offerings. Investors will now watch closely to see if ZEN can sustain its upward momentum and whether Grayscale’s bet on Horizen pays off.
