Winklevoss Twins File for Zcash ETF ‘WINK’ on Nasdaq

The move is notable less for its structure than for its target: a privacy coin, a category that has often drawn regulatory scrutiny and exchange delistings. A Nasdaq-listed Zcash ETF, with a custodian already in place, would test whether institutional wrappers can normalize assets previously kept at arm's length. The open question is whether the filing advances through the regulatory process or becomes a signal of how far that normalization can go.