Zcash

The trust would list on Nasdaq under the ticker WINK and create and redeem shares only for cash, which the prospectus itself warns can loosen the link between the share price and net asset value. Its transfer agent, administrator and cash custodian are still blank.

Nearly 2.4 million ZEC took part, about two-thirds of the eligible supply, and 98.9 percent chose bitcoin-style halvings over a smoothed issuance curve. The result is advisory: NU7 still needs code, testing and a ZIP activation.

The fund converts a nine-year-old Grayscale trust holding roughly 390,000 ZEC and charges 2.50% a year, with the fee revenue routed back into Zcash development.

Robinhood added Zcash to its trading platform on Wednesday, making ZEC available in New York — where the BitLicense regime has historically shut out privacy-focused tokens — and sparking a 10 per cent price surge on volume that spiked 50 per cent.

The Digital Currency Group subsidiary's new pool already controls 30 per cent of Zcash's hashrate, alongside a new block explorer at Zcashinfo.com aimed at institutional miners.