ZEC Gets a Boost as Winklevoss Files for Nasdaq ETF

Winklevoss Asset Services submitted an S-1 registration statement to the SEC on October 6, 2026, seeking to launch a spot Zcash ETF that would hold ZEC directly and trade on Nasdaq under the ticker WINK.

The application remains preliminary. The prospectus notes that the information contained in the filing could change and that the ETF’s shares cannot be sold until the registration statement becomes effective.

The proposed WINK fund would have an annual sponsor fee of 0.25% and would use Gemini Trust Company as its custodian. The ETF would hold ZEC directly rather than relying on leverage or derivatives. Affiliates of Winklevoss Capital Fund have also expressed interest in purchasing as much as $100 million of shares, although that indication is explicitly nonbinding.

The filing arrives as ZEC trades around $1,315, down nearly 3% over the previous 24 hours. Daily trading volume stands at about $679 million, while Zcash remains up 11% over the past 30 days. Investors are watching whether the proposed ETF could provide another catalyst for the privacy-focused cryptocurrency.

WINK Could Give Investors a Traditional Route to ZEC Exposure

The proposed trust is designed to track the price of the ZEC it holds, after accounting for operating expenses and other liabilities. If approved, the structure would allow investors to gain exposure to Zcash through a conventional brokerage account without having to purchase, store, or manage the cryptocurrency themselves.

That arrangement would not alter the underlying exposure. The trust would own ZEC directly, and its filing states that it would not use derivatives or leverage to achieve its investment objective.

Investors would nevertheless remain exposed to ZEC’s price swings. In addition, WINK shares could trade above or below the trust’s net asset value when they are bought and sold on Nasdaq.

Winklevoss Asset Services would serve as the ETF sponsor, while its affiliate Gemini Trust Company would be responsible for holding the fund’s ZEC. The proposed 0.25% annual fee is one of the fund’s key terms, although the fee alone does not ensure that WINK will attract substantial assets or outperform competing products.

The filing also states that Winklevoss Capital Fund, through one or more affiliated entities, has indicated an interest in purchasing up to $100 million of WINK shares either from authorized participants or through the market. The indication is not a binding commitment or guaranteed seed investment. The affiliates could purchase more than that amount, less than it, or nothing at all.

The proposed ETF would enter a U.S. market where Grayscale’s Zcash ETF, ZCSH, is already trading. The primary report also said Grayscale had recently announced a 3-for-1 split of its shares.

At the time of that report, ZEC had risen more than 735% over the previous year and was trading near $1,354 on Tuesday, October 6, with a market capitalization of approximately $23 billion. Those figures reflect market conditions at that time rather than a current price quotation.

WINK Would Offer ZEC Exposure Without Direct Crypto Custody

Zcash uses zero-knowledge proof technology to support shielded transactions that can hide transaction amounts as well as the identities of senders and recipients. Through WINK, brokerage investors could gain exposure to ZEC without directly interacting with those privacy features or taking responsibility for managing the cryptocurrency.

Under the proposed structure, Gemini Trust Company would custody all of the trust’s ZEC, while CSC Delaware Trust Company would serve as trustee.

The filing also identifies Cypherpunk Technologies as a Zcash Ecosystem Partner. Its potential responsibilities could include coinholder polling and providing guidance on protocol and technical developments.

Custody is a fundamental part of institutional crypto products because the way the underlying asset is held is directly connected to how investors receive exposure. The preliminary WINK filing leaves several operational details subject to change as the registration process moves forward.

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