TheBlock
Winklevoss Asset Services filed a preliminary S-1 with the SEC for a spot Zcash ETF that would hold ZEC directly and list on Nasdaq under the proposed ticker WINK. The fund would charge a 0.25% annual sponsor fee, with Gemini Trust Company as custodian. Winklevoss Capital Fund has indicated interest in buying up to $100 million of shares, but that indication is nonbinding.
Why it matters
The filing adds another institutional route to Zcash exposure as interest in U.S. spot ZEC funds grows. The Winklevosses have a long history with the project: Gemini was the first licensed exchange to offer Zcash trading and custody, and the brothers donated $1.2 million worth of ZEC to Shielded Labs. The proposed trust also names Cypherpunk Technologies as its Zcash ecosystem partner, supporting work that includes protocol development and coinholder polling.
Market impact
Grayscale’s ZCSH is currently the only live U.S. spot ZEC ETF. Since beginning trading in August, it drew more than $233 million in inflows and reached nearly $890 million in net assets in less than a month, prompting a 3-for-1 split. Bitwise has also filed for a Zcash ETF, so WINK would enter a growing lineup of proposed products rather than an uncontested market.
The SEC has not approved the preliminary filing. Its review will determine whether the proposed fund can launch, while the nonbinding $100 million indication is not a commitment to buy shares.
Frequently asked questions
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What would the proposed WINK fund hold?
The proposed ETF would hold ZEC directly. Gemini Trust Company would serve as its custodian.
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What fee would the proposed Zcash ETF charge?
The fund would charge a 0.25% annual sponsor fee and cover ordinary operating expenses.
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Is the indicated $100 million investment committed?
No. Winklevoss Capital Fund has indicated interest in purchasing up to $100 million of shares, but the indication is nonbinding.
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How does the filing fit with other U.S. spot Zcash ETFs?
Grayscale’s ZCSH is currently the only live U.S. spot ZEC ETF. Bitwise has also filed for a Zcash ETF.
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What has been the early demand for Grayscale’s ZCSH?
ZCSH attracted more than $233 million in inflows and reached nearly $890 million in net assets less than a month after its August launch, prompting a 3-for-1 split.
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