Winklevoss Twins File for $100 Million Zcash ETF Amid Market Challenges

The Winklevoss twins have announced plans to potentially invest up to $100 million in a new Zcash ETF, marking a significant move in the cryptocurrency space. The Winklevoss Zcash ETF, which would trade on Nasdaq under the ticker WINK, was filed with the SEC on October 6, 2026. However, the $100 million figure is not a binding commitment, meaning the investment could range from partial to none at all.

The ETF would focus on Zcash (ZEC), a privacy-focused cryptocurrency that has outperformed Bitcoin (BTC) significantly over the past year. ZEC has surged more than sevenfold to $1,367, while BTC has declined by about 30%. The ETF would operate as a spot ETF, holding actual ZEC coins in cold storage via Gemini Trust Company, part of the Winklevoss twins’ Gemini exchange group.

The filing also highlights potential conflicts of interest due to the intertwined relationships between the fund’s sponsor, custodian, and adviser. Cypherpunk Technologies (CYPH), a crypto treasury company, will act as the fund’s adviser and holds nearly 2% of the total ZEC supply. Winklevoss Capital previously led a $58.88 million private share sale for Cypherpunk, further complicating the relationships.

For Gemini Space Station (GEMI), the Winklevoss twins’ public company, the Zcash ETF represents a strategic move to revive its struggling custody business. Gemini’s custody revenue dropped 67% year-over-year to $0.6 million in Q2 2026, while the company posted a $107.7 million loss. Securing custody rights for the ETF could provide much-needed fees, regardless of ZEC’s price movements.

At current prices, $100 million could buy about 73,000 ZEC, roughly 0.4% of the total coins in circulation. However, the ETF’s impact on ZEC’s price remains uncertain, as it depends on SEC approval, the fund’s actual investment, and regulatory clarity. The proposed CLARITY Act, which failed to advance in the Senate on September 15, 2026, adds to the uncertainty.