Winklevoss Seeks SEC Approval for Spot Zcash ETF

Winklevoss Twins Eye Zcash ETF Market with New Filing

Tyler and Cameron Winklevoss are making a play for the Zcash exchange-traded fund (ETF) business. Their firm, Winklevoss Asset Services, LLC, submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on October 6, 2026.

The proposed product, tentatively named the Winklevoss Zcash ETF, would directly hold ZEC, the native token of the Zcash network. If approved by regulators, the ETF is slated to trade on the Nasdaq under the ticker symbol WINK.

This fund is structured as a spot ETF, meaning it will acquire and hold actual ZEC rather than relying on futures contracts or other derivative instruments. The filing outlines a cash-create and cash-redeem model for authorized participants. In this model, these participants would provide U.S. dollars to create new ETF shares, with the fund itself responsible for purchasing the underlying ZEC.

Custodial services for the ETF’s ZEC holdings are designated for Gemini Trust Company, LLC, the cryptocurrency firm founded by the Winklevoss twins. Additionally, the filing indicates a partnership with Cypherpunk Technologies to provide Zcash network-related services.

Competitive Landscape and Regulatory Environment

The Winklevoss filing enters a market where Grayscale already has a presence. Grayscale launched its Zcash ETF, trading as ZCSH, on NYSE Arca on August 25, 2026. This fund marked the first spot ETF for Zcash in the United States and quickly amassed over $500 million in assets under management within approximately two weeks of its debut.

Grayscale’s ZCSH currently charges a management fee of 2.5%. The Winklevoss filing has not yet disclosed a competing fee structure.

The regulatory landscape for Zcash products saw a significant development in January 2026 when the SEC concluded a review of Zcash-related matters without initiating enforcement actions. This resolution cleared a notable hurdle, paving the way for the introduction of products like the ZCSH ETF. Gemini has been providing custody and trading support for ZEC since 2018.

The Winklevoss team appears poised to challenge Grayscale’s 2.5% management fee. Their proposed ETF benefits from Gemini’s established custody infrastructure, years of experience supporting ZEC, and the partnership with Cypherpunk Technologies, which could be leveraged to highlight the fund’s ecosystem depth.

It is important to note that an S-1 filing represents an initial step in the registration process and does not guarantee approval. Furthermore, the arrangement where an affiliated company, Gemini, serves as the custodian for the Winklevoss ETF could prompt scrutiny regarding the management of potential conflicts of interest between the fund sponsor and its custodian.