Winklevoss Files for Zcash ETF as Institutional Momentum Grows
Winklevoss Asset Services, co-owned by Cameron and Tyler Winklevoss, has filed a Form S-1 registration statement with the US Securities and Exchange Commission (SEC) for the Winklevoss Zcash (ZEC) ETF. The proposed fund aims to hold ZEC and track its price, with shares expected to trade on the Nasdaq under the ticker WINK if approved. Gemini Trust Company, an affiliate of the sponsor, will serve as the fund’s custodian. The ETF will offer an unspecified number of shares on a continuous basis, with a sponsor fee set at 0.25% annually.
The filing names Cypherpunk Technologies as the Trust’s Zcash Ecosystem Partner, responsible for protocol guidance and matters involving ZEC holders. Winklevoss Capital Fund also indicated non-binding interest in purchasing up to $100 million of the ETF’s shares through its affiliates. This development comes as institutional access to Zcash expands in the US market, following Grayscale’s launch of the first US spot Zcash ETF (ZCSH) in August.
Grayscale’s ZCSH debuted with roughly $304 million in assets and grew to nearly $1 billion by September. However, momentum has since declined, with ZCSH recording about $3.5 million in outflows on Monday. The negative flows have reached $58.76 million since the start of October, although cumulative net inflows remain positive since launch. Institutional activity around Zcash is also extending beyond investment products, with Fortitude Mining Holdings signing a non-binding letter of intent with BITMAIN Technologies for priority access to next-generation Zcash mining equipment.
The agreement includes an indicative commitment of up to $100 million, with shipments expected to begin in Q2 2027. Fortitude would provide a refundable $20 million deposit, with Digital Currency Group expected to fund the payment in ZEC through an expanded credit facility. The development comes as Zcash extends its rally, which began in May, although the price took flight in late August. ZEC rallied to a cycle high of $1,664 last week before retracing below $1,400.