Winklevoss Files S-1 for Spot Zcash ETF on Nasdaq Under WINK

Winklevoss Asset Services has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Zcash ETF that would hold ZEC tokens directly and seek a Nasdaq listing under the ticker WINK, Coincentral reported.

The filing names Gemini Trust Company, a Winklevoss affiliate, as custodian for the fund’s ZEC holdings, with Winklevoss Asset Services serving as sponsor. The proposed fund plans to charge an annual sponsor fee of 0.25% and would not use leverage or derivatives to track the price of ZEC. Winklevoss Capital Fund has indicated interest in purchasing up to $100 million in shares, though the filing states that potential investment is not binding.

Key facts

• Winklevoss Asset Services filed an S-1 with the SEC for a spot Zcash ETF that would list on Nasdaq under the ticker WINK, with Gemini Trust Company as custodian.
• The fund plans a 0.25% annual sponsor fee and would use a cash creation and redemption model, with authorized participants contributing cash rather than ZEC.
• Winklevoss Capital Fund has indicated interest in buying up to $100 million in shares, a figure the filing describes as not binding.
• Blockonomi reported that Cypherpunk Technologies is named in the filing and bought a $33.33 million Zcash mining fleet in August through a pre-funded warrant on 43,290,042 common shares valued at $0.77 each, with an exercise price of $0.001.
• The Zcash team is set to decide on the NU7 mainnet activation height on October 20, with a launch planned for November 5, per Blockonomi.

Structure and market context

The ETF would offer exposure to Zcash through a traditional brokerage account. Zcash is a privacy-focused cryptocurrency that uses zero-knowledge proofs to shield transaction amounts and the parties involved.

Cointelegraph reported that ZEC was trading at roughly $1,354 on Tuesday, while Coincentral put the price near $1,376 the same day. Both outlets agreed the token was up more than 5% over the prior 24 hours and that the wider crypto market rose about 1% in the same period. Coincentral placed ZEC’s market capitalization near $23 billion, making it the 10th largest cryptocurrency by that measure, a figure Cointelegraph attributed to CoinGecko data. Coincentral reported ZEC has gained more than 735% over the past year.

The Winklevoss fund would join Grayscale’s Zcash ETF (ZCSH), which is already trading in the U.S. Grayscale recently completed a 3-for-1 share split for that fund, according to both Coincentral and Cointelegraph. Eric Balchunas of Bloomberg noted on X that the filing came 13 years after the first spot bitcoin ETF filing, according to Cointelegraph.

NU7 upgrade details

Traders are also watching the Zcash network’s NU7 upgrade. Blockonomi reported that the proposed upgrade would cut the target block time from 75 seconds to 25 seconds, with daily ZEC issuance staying the same because the block reward would also be reduced. The upgrade would also disable version 4 transactions at activation, blocking further spending from the older Sprout pool since version 5 transactions cannot do that. A launch planned for November 5 depends on the results of the testnet review.

Analyst Ardi, who posts as @ArdiNSC, said ZEC has lost a daily swing low for the first time since the token traded in the $400s and that the ZEC/BTC pair has also broken support across several timeframes. Ardi said that if bitcoin rallies, ZEC could move back into its prior distribution zone between $1,420 and $1,500, and added that a lower high could then form before another drop toward $1,100 to $1,200. He also said that if bitcoin loses its current trading range without breaking out, ZEC could fall toward that zone without a bounce. This is not financial advice and cryptocurrency markets are volatile and uncertain.

Why it matters

The filing gives U.S. investors a potential route to Zcash exposure without directly holding the privacy coin, which some brokers have restricted. It also adds a second sponsor to the U.S. Zcash ETF category alongside Grayscale’s ZCSH. The registration does not mean the fund can begin trading; the product still needs SEC approval before it can list, and no decision date has been set.

What to watch

The SEC’s review timeline for the S-1 is the immediate regulatory milestone, though the filing sets no decision date. On the network side, the Zcash team’s NU7 mainnet activation decision on October 20 is the next scheduled catalyst, with a November 5 launch contingent on the testnet review.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: CoinCentral, Blockonomi, Cointelegraph