Winklevoss Files for Spot Zcash ETF with Nasdaq Listing

Winklevoss Asset Services has taken a significant step toward launching a spot Zcash ETF, filing with the U.S. Securities and Exchange Commission to list the fund on Nasdaq under the ticker WINK. The proposed ETF would directly hold ZEC tokens, with an annual fee of 0.25% and potential interest from Winklevoss Capital for up to $100 million in shares post-launch.

The WINK fund is designed to provide passive exposure to Zcash, avoiding leverage or derivatives. Gemini Trust Company, an affiliate of the sponsor, would handle custody of the ZEC holdings. The filing notes a potential conflict of interest due to the relationship between the sponsor and Gemini but emphasizes the fund's straightforward structure.

If approved, WINK would compete with Grayscale's existing Zcash ETF, ZCSH, which trades on NYSE Arca. Grayscale's product has a higher fee of 2.5% annually and recently underwent a 3-for-1 share split, reflecting strong investor interest. Meanwhile, ZEC's price remains robust, trading near $1,341 after a remarkable 700% gain over the past year.

The SEC filing is preliminary, with key details such as the pricing benchmark and launch date still pending. The prospectus also highlights risks, including Zcash's privacy technology and the 2026 Orchard security incident, which could impact investor confidence.