Winklevoss files with SEC for Zcash ETF with 0.25% fee to list on Nasdaq

Filing with the SEC for a new investment vehicle

Winklevoss Asset Services has filed a preliminary registration (Form S-1) with the Securities and Exchange Commission (SEC) of the United States for the creation of a spot Zcash (ZEC) ETF. The proposal seeks to have the fund listed on the Nasdaq Stock Market under the symbol WINK, offering investors direct exposure to the cryptocurrency's price through a traditional brokerage account, without the need to manage private keys or custody the digital asset directly.

The move positions the firm linked to brothers Tyler and Cameron Winklevoss as the third issuer attempting to launch a spot Zcash ETF in the United States, joining previous initiatives by Grayscale and Bitwise. Unlike derivative-based products, this fund would hold ZEC directly as the underlying asset, replicating the structure of Bitcoin and Ether ETFs already approved in the country.

Fund structure and operational costs

The proposal establishes an annual fee of 0.25% on net assets, a rate that sits in the low end of the sector and represents one-tenth of the fee currently charged by Grayscale's Zcash ETF (ZCSH). For a hypothetical investment of $10,000, the annual cost would be $25 compared to $250 for the Grayscale fund.

Gemini Trust Company, an entity affiliated with the Winklevosses, would act as the custodian of the fund's ZEC holdings. The registration document identifies this family and business tie as a potential conflict of interest, a detail that the regulator must evaluate during the review process. The fund will not use leverage or derivatives to achieve its investment objective.

Capital commitment and competitive context

Winklevoss Capital Fund has expressed a non-binding interest in purchasing up to $100 million in ETF shares. While this figure does not constitute a guaranteed or executed investment, its magnitude suggests a significant level of conviction by the sponsors and could provide a relevant initial capital base if the product obtains authorization.

The launch of this fund comes at a time of volatility for the underlying asset. According to data from CoinGecko, Zcash has experienced an increase of over 735% in the last year, placing its market capitalization at approximately $23 billion and positioning it as the tenth-largest cryptocurrency by market value. However, the only operational Zcash ETF to date, Grayscale's ZCSH, has recorded recent net asset outflows, with a decrease of approximately $218 million in its assets under management in less than two weeks, dropping from $1 billion to $781.96 million between September 24 and October 5, 2026.

Regulatory barriers and next steps

Despite the filing of the registration, the WINK ETF will not be tradable until two fundamental requirements are met:

1. That the SEC declares the registration statement effective.
2. That Nasdaq approves the admission to listing of the shares.

The preliminary document does not yet define the reference price, the exact initial capital, or the trading partners. The nature of Zcash, centered on privacy through zero-knowledge proofs (zk-SNARKs), could generate additional regulatory scrutiny, given the history of restrictions faced by privacy coins in other jurisdictions. There is no confirmed date for the start of operations, and the SEC's calendar will be the decisive factor for the product's debut.