Winklevoss Files Nasdaq ETF, ZEC Gains Momentum

Winklevoss Files for Zcash ETF, Aiming to Challenge Grayscale

Winklevoss Asset Services has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed spot Zcash Exchange Traded Fund (ETF). The filing, dated October 6, 2026, outlines plans for an ETF that would directly hold ZEC, the native cryptocurrency of the Zcash network, and is slated to list on the Nasdaq under the ticker symbol WINK.

The registration statement is preliminary, with the prospectus noting that its contents are subject to change and that shares cannot be sold until the statement becomes effective.

Fund Structure and Fees

The proposed Zcash ETF intends to offer investors exposure to the price movements of ZEC, minus operating expenses and other liabilities. A key feature of the fund’s structure is its direct ownership of ZEC, eschewing leverage and derivatives in its investment strategy. This approach aims to provide investors with a straightforward way to gain exposure to Zcash through traditional brokerage accounts, eliminating the need for direct cryptocurrency purchase or custody.

The fund plans to charge an annual sponsor fee of 0.25%. Gemini Trust Company is designated as the custodian for the ZEC holdings. Winklevoss Capital Fund affiliates have expressed an interest in purchasing up to $100 million in shares, though this interest is explicitly non-binding.

Market Context and Zcash Technology

The announcement comes as ZEC is trading at approximately $1,315, a nearly 3% decrease over the preceding 24 hours. Despite this short-term dip, Zcash has seen a 11% increase over the past 30 days, with investors anticipating that the potential WINK ETF could stimulate a renewed rally.

Zcash is known for its use of zero-knowledge proofs, which enable shielded transactions that can obscure transaction amounts and the identities of participants. The proposed WINK ETF would allow brokerage investors to access ZEC exposure without direct engagement with these complex network features or the responsibilities of asset custody.

Operational Details and Partnerships

Under the proposed structure, Gemini Trust Company would hold all ZEC on behalf of the trust, while CSC Delaware Trust Company would serve as the trustee. The filing also establishes a partnership with Cypherpunk Technologies as a Zcash Ecosystem Partner, potentially involving services such as coinholder polling and guidance on protocol and technical developments.

While the preliminary document outlines key operational aspects, several details remain to be finalized. The structure emphasizes the critical role of custody arrangements in institutional crypto products.

The filing indicates that Winklevoss Capital Fund, through affiliated entities, has signaled an intention to acquire up to $100 million in shares, either from authorized participants or on the open market. However, this commitment is not binding and does not represent seed capital.

The proposed ETF enters a U.S. market where Grayscale’s Zcash ETF, ZCSH, is already established. Grayscale had recently announced a 3-for-1 share split for its product. At the time of the filing’s context, ZEC had experienced significant growth, gaining over 735% in the preceding year and trading around $1,354 on October 6, 2026, with a market capitalization of approximately $23 billion.