Key Takeaways
- • Winklevoss Asset Services filed an SEC registration statement for a spot Zcash ETF that would trade on Nasdaq under ticker WINK, positioning it as the second U.S. spot ZEC fund after Grayscale's existing ZCSH offering.
- • The fund would charge a 0.25% annual fee (accrued daily in ZEC) and hold Zcash directly in segregated cold storage through Gemini Trust Company, an affiliate of the sponsor.
- • Cypherpunk Technologies, a Nasdaq-listed company holding ZEC in its treasury, would serve as the trust's "Zcash Ecosystem Partner," advising on technical network changes and assisting with coinholder polling and voting.
- • Winklevoss Capital has signaled non-binding interest in purchasing up to $100 million of WINK shares, though the preliminary prospectus contains several blank details including pricing benchmark, administrator, and seed investor information.
- • The filing reflects expanding institutional access to Zcash, which surged approximately 700% over the past year, directly competing with Grayscale's ZCSH, which has already attracted $306 million in assets.
Summary
Winklevoss Asset Services, led by CEO Cameron Winklevoss, filed a registration statement with the SEC on Tuesday for a spot Zcash exchange-traded fund designed to provide direct exposure to the ZEC token. The proposed fund would trade on Nasdaq under the ticker WINK and represent the second U.S. spot Zcash ETF offering, following Grayscale's ZCSH launch in August.
The fund structure features a competitive 0.25% annual management fee, accrued daily in ZEC, positioning it as a lower-cost alternative to existing offerings. Gemini Trust Company, an affiliate of Winklevoss Asset Services, would maintain custody of the fund's ZEC holdings in segregated cold storage addresses, addressing institutional custody concerns. The filing designates Cypherpunk Technologies, a Nasdaq-listed company with substantial ZEC treasury holdings, as the trust's "Zcash Ecosystem Partner," a relationship that may facilitate coinholder polling, voting participation, and advisory input on technical network developments. This partnership reflects prior investment activity: Winklevoss Capital led a $58.88 million private placement in Leap Therapeutics—now operating as Cypherpunk—in October of the prior year.
Winklevoss Capital has expressed non-binding interest in acquiring up to $100 million of WINK shares, though the preliminary prospectus explicitly notes these indications are not binding commitments. The filing remains incomplete in several material respects, with the prospectus leaving blank the pricing benchmark, fund administrator, and seed investor designations. The timing of this ETF filing coincides with significant institutional momentum around Zcash, which has appreciated approximately 700% over the past year. The WINK offering faces direct competition with Grayscale's ZCSH, which has already accumulated $306 million in assets since its August launch, establishing a competitive landscape in the emerging institutional ZEC access market.
The fund structure features a competitive 0.25% annual management fee, accrued daily in ZEC, positioning it as a lower-cost alternative to existing offerings. Gemini Trust Company, an affiliate of Winklevoss Asset Services, would maintain custody of the fund's ZEC holdings in segregated cold storage addresses, addressing institutional custody concerns. The filing designates Cypherpunk Technologies, a Nasdaq-listed company with substantial ZEC treasury holdings, as the trust's "Zcash Ecosystem Partner," a relationship that may facilitate coinholder polling, voting participation, and advisory input on technical network developments. This partnership reflects prior investment activity: Winklevoss Capital led a $58.88 million private placement in Leap Therapeutics—now operating as Cypherpunk—in October of the prior year.
Winklevoss Capital has expressed non-binding interest in acquiring up to $100 million of WINK shares, though the preliminary prospectus explicitly notes these indications are not binding commitments. The filing remains incomplete in several material respects, with the prospectus leaving blank the pricing benchmark, fund administrator, and seed investor designations. The timing of this ETF filing coincides with significant institutional momentum around Zcash, which has appreciated approximately 700% over the past year. The WINK offering faces direct competition with Grayscale's ZCSH, which has already accumulated $306 million in assets since its August launch, establishing a competitive landscape in the emerging institutional ZEC access market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.