Winklevoss brothers file for Zcash ETF
Winklevoss Asset Services has filed a preliminary S-1 registration statement with the U.S. Securities and Exchange Commission to launch a spot exchange-traded fund tied to Zcash (ZEC). The fund would hold ZEC directly, with Gemini Trust Company serving as custodian.
According to the filing, the sponsor fee would be 0.25% per year. If approved, the ETF would list on Nasdaq under the ticker WINK.
The fund is sponsored by newly formed Winklevoss Asset Services, which is wholly owned by Winklevoss Asset Services Holdings.
The trust has also entered into an agreement with Cypherpunk Technologies, which will act as its Zcash ecosystem partner and assist with matters related to protocol development and coinholder polling.
The new filing comes 13 years after the Winklevoss brothers first tried to launch a spot Bitcoin ETF in the U.S. In 2017, the SEC rejected that application, citing, among other concerns, the risk of Bitcoin price manipulation.
Winklevoss Capital Fund has also indicated interest in purchasing up to $100 million worth of shares in the new fund. The indication is nonbinding.
Betting on Zcash
The Winklevoss brothers have been actively involved in the Zcash ecosystem for several years. Gemini became the first licensed exchange to offer both ZEC trading and custody services.
Entities linked to the Winklevoss brothers have also accumulated ZEC. In particular, Cypherpunk purchased about $29 million worth of the token, bringing its holdings close to 2% of ZEC’s circulating supply.
Tyler and Cameron Winklevoss also donated $1.2 million worth of ZEC to Shielded Labs, an independent organization focused on Zcash development.
Zcash ETFs already face competition
Grayscale Zcash ETF is currently the only live U.S. spot ZEC ETF. It began trading in August.
Less than a month after launch, the fund attracted more than $233 million in inflows and grew its net assets to nearly $890 million. Following the rapid growth, Grayscale announced a 3-for-1 share split.
Bitwise has also filed to launch its own Zcash ETF. If the SEC approves additional funds, competition in the segment could increase significantly.
Why the Winklevoss brothers are interested in Zcash
Zcash occupies a distinct niche among major cryptocurrencies because of its focus on privacy. The network uses zero-knowledge proofs that can conceal transaction details. As privacy becomes a more prominent issue in blockchain, this gives ZEC a clearer positioning than many other altcoins.
The token’s price performance has added to the interest. Over the past 12 months, ZEC has gained about 770%, with particularly strong growth in the second half of 2026. The token rose about 85% in August and nearly 70% in September alone. That rally has significantly increased investor interest in Zcash and made it a more attractive candidate for a dedicated exchange-traded fund.
As a reminder, institutional positioning and elevated volatility are shaping the near-term outlook for Zcash.
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