Privacy coins are getting a second look. Grayscale and Bitwise have filed for Zcash ETF approvals, marking a significant shift after exchanges spent years delisting privacy-focused assets over regulatory concerns. Cypherpunk Technologies made a notable move by accumulating 233k ZEC for $123 million—now up 89% on that position. Adding fuel to this momentum, a major exchange relisted Zcash just 11 months after removing it from their platform. The narrative around privacy tech has flipped dramatically: what was once regulatory kryptonite is now attracting serious institutional capital. This turnabout suggests the market may be reassessing how privacy coins fit within the broader digital asset landscape.