Winklevoss Files for Nasdaq-Listed Zcash ETF Amid Market Shifts

Winklevoss Asset Services has taken a significant step toward bringing a spot Zcash ETF to the Nasdaq exchange, filing for a product under the ticker WINK. The proposed ETF would hold Zcash (ZEC) directly, offering investors exposure to the cryptocurrency without the need to manage personal wallets. Gemini would act as the custodian, while share creations and redemptions would settle entirely in cash, avoiding direct transfers of ZEC.

The filing comes as ZEC trades above $1,376, following a 5% gain over 24 hours. The ETF's structure would separate share transactions from direct cryptocurrency handling, with investors buying exchange-traded shares representing an interest in ZEC held by WINK. However, regulatory clearance is still required before trading can begin, and no launch date has been provided.

Meanwhile, Grayscale's recently launched Zcash ETF, ZCSH, has seen its first weekly outflows. According to SoSoValue data, weekly withdrawals reached $93.56 million by October 2, with daily outflows peaking at $30.25 million on September 30. Despite this, ZCSH still holds around $751 million in net assets, with cumulative net inflows near $212.56 million. ZEC's price also declined sharply during this period, dropping from $1,653.12 on September 26 to $1,304.32 on October 3.

Winklevoss Asset Services has also partnered with Cypherpunk Technologies for Zcash network services, while Gemini remains responsible for custody. Cypherpunk previously expanded its Zcash operations through a $33.33 million mining fleet transaction in August. The launch of WINK now depends on receiving the necessary regulatory approval.