SKN | Winklevoss-Backed Zcash ETF Files With SEC for Nasdaq Listing

Key Points

• A Winklevoss-backed ETF has filed a registration statement with the SEC to offer direct exposure to Zcash through a proposed Nasdaq-listed fund under the ticker WINK.
• The fund would hold ZEC directly, with Gemini Trust Company serving as custodian, and would charge an annual sponsor fee of 0.25%.
• The proposed ETF would add to the growing US market for regulated Zcash investment products, following the launch of Grayscale’s Zcash ETF.

A Winklevoss-backed exchange-traded fund seeking to provide investors with direct exposure to Zcash has filed a registration statement with the US Securities and Exchange Commission, potentially adding another ZEC investment vehicle to the US market.

According to the filing, the proposed Winklevoss Zcash ETF would hold ZEC directly and seek to list on the Nasdaq Stock Market under the ticker WINK. Winklevoss Asset Services would sponsor the fund, while affiliate Gemini Trust Company would serve as custodian for its Zcash holdings.

The fund would charge an annual sponsor fee of 0.25% and would not use leverage or derivatives to achieve its investment objective.

Direct Zcash Exposure Through Traditional Brokerage Accounts

The proposed ETF would allow investors to gain exposure to Zcash through a conventional brokerage account without directly purchasing or managing the cryptocurrency.

Zcash is a privacy-focused blockchain that uses zero-knowledge proof technology to support shielded transactions. These transactions can conceal information such as transaction amounts and the identities of senders and recipients, depending on how the network is used.

A spot ETF structure would place ZEC within a familiar regulated investment-product framework, potentially making the asset more accessible to investors who do not want to manage cryptocurrency wallets or private keys themselves.

The proposed WINK fund would hold the underlying ZEC directly rather than using derivatives or leveraged exposure.

Gemini Trust to Custody ZEC

Gemini Trust Company, an affiliate of the fund sponsor, would provide custody for the ETF’s Zcash holdings.

The custody arrangement would place the underlying cryptocurrency with a regulated digital asset infrastructure provider while investors would hold shares of the ETF through traditional securities accounts.

The structure mirrors the broader development of cryptocurrency investment products that seek to combine direct digital-asset exposure with conventional financial-market access.

Grayscale Already Offers Zcash ETF

The proposed Winklevoss fund would enter a US market that already includes Grayscale’s Zcash ETF, which trades under the ticker ZCSH.

Grayscale recently announced a three-for-one share split for ZCSH, increasing the number of shares held by investors while proportionally reducing the price per share. The split does not change the underlying economic value of an investor’s position.

The arrival of another Zcash ETF could increase competition among issuers while providing investors with additional choices for gaining regulated exposure to the cryptocurrency.

ZEC Market Value Expands

Zcash has experienced a significant increase in market value over the past year. According to CoinGecko data cited in the source material, ZEC had risen more than 735% over the period, giving the cryptocurrency a market capitalization of approximately $23 billion.

ZEC was trading at roughly $1,354 on Tuesday, placing Zcash among the 10 largest cryptocurrencies by market capitalization at the time of the report.

The sharp rise in ZEC’s market value has coincided with increased attention toward the privacy-focused asset and the development of additional institutional investment products.

Outlook

The Winklevoss-backed WINK filing represents another step toward expanding regulated access to Zcash in US financial markets. If approved and launched, the ETF would allow investors to obtain direct ZEC exposure through a Nasdaq-listed product while leaving custody of the underlying cryptocurrency to Gemini Trust.

The filing also adds to growing competition among digital-asset investment products as issuers seek to meet institutional and traditional-market demand for cryptocurrency exposure. The next major milestones will be the SEC’s review of the registration statement and any subsequent steps toward a potential Nasdaq listing.