Key Takeaways
- • Winklevoss Asset Services filed a Form S-1 registration statement with the SEC on October 6, 2026, to launch a spot Zcash ETF (ticker: WINK) on Nasdaq, marking the twins' re-entry into crypto ETF products more than 13 years after their initial Bitcoin ETF filing in July 2013.
- • The proposed WINK ETF would hold actual $ZEC tokens using a cash creation and redemption model with authorized participants, arriving as Zcash trades at $1,357 (up 5%) and after Grayscale's Zcash ETF has accumulated over $900 million in assets under management.
- • Cypherpunk Technologies, the twins' publicly traded digital asset treasury firm, holds approximately 290,062 $ZEC worth roughly $152 million (1.76% of circulating supply) and has set a target to accumulate at least 5% of total Zcash supply, with Zcash founder Zooko Wilcox now serving as strategic adviser.
Summary
Cameron and Tyler Winklevoss have filed with the U.S. Securities and Exchange Commission to establish a spot Zcash ETF, positioning themselves as active participants in the evolving cryptocurrency investment product landscape. According to ETF expert Nate Geraci, Winklevoss Asset Services submitted the Form S-1 registration statement on October 6, 2026, for the WINK ETF, which would list on Nasdaq. The filing represents a significant development in the twins' long history seeking regulatory approval for cryptocurrency investment vehicles, following their pioneering—though ultimately unsuccessful—Bitcoin ETF application filed in July 2013.
The proposed WINK fund would operate as a spot Zcash ETF, holding actual $ZEC tokens rather than futures contracts or derivative instruments. The structure employs a standard cash creation and redemption model where authorized participants contribute dollars in exchange for ETF shares, with the fund using those proceeds to purchase $ZEC directly. This timing coincides with meaningful momentum in the Zcash market: $ZEC recently rallied above 5% to trade at $1,357, while Grayscale's competing Zcash ETF has surpassed $900 million in assets under management since its launch.
Beyond the ETF filing itself, the twins have developed substantial proprietary exposure to Zcash through Cypherpunk Technologies, their publicly traded digital asset treasury company. Cypherpunk currently holds more than 290,062 $ZEC tokens valued at approximately $152 million, representing roughly 1.76% of Zcash's circulating supply. The firm has publicly announced a longer-term objective to accumulate at least 5% of total Zcash supply. The twins have further solidified their strategic positioning within the Zcash ecosystem by recruiting Zooko Wilcox, Zcash's founder, as a strategic adviser—a move that signals deep operational alignment between the two parties.
The proposed WINK fund would operate as a spot Zcash ETF, holding actual $ZEC tokens rather than futures contracts or derivative instruments. The structure employs a standard cash creation and redemption model where authorized participants contribute dollars in exchange for ETF shares, with the fund using those proceeds to purchase $ZEC directly. This timing coincides with meaningful momentum in the Zcash market: $ZEC recently rallied above 5% to trade at $1,357, while Grayscale's competing Zcash ETF has surpassed $900 million in assets under management since its launch.
Beyond the ETF filing itself, the twins have developed substantial proprietary exposure to Zcash through Cypherpunk Technologies, their publicly traded digital asset treasury company. Cypherpunk currently holds more than 290,062 $ZEC tokens valued at approximately $152 million, representing roughly 1.76% of Zcash's circulating supply. The firm has publicly announced a longer-term objective to accumulate at least 5% of total Zcash supply. The twins have further solidified their strategic positioning within the Zcash ecosystem by recruiting Zooko Wilcox, Zcash's founder, as a strategic adviser—a move that signals deep operational alignment between the two parties.
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