Winklevoss Asset Services has filed a Form S-1 with the SEC for a spot Zcash ETF that would hold ZEC directly and trade on Nasdaq under the ticker WINK. The filing follows Grayscale's head start with its own Zcash ETF, which has already pulled in hundreds of millions in assets.
Tyler and Cameron Winklevoss want a piece of the Zcash ETF business. Their firm, Winklevoss Asset Services, LLC, filed a Form S-1 registration statement with the US Securities and Exchange Commission on October 6, 2026. The proposed Winklevoss Zcash ETF would hold ZEC directly and, if approved, is expected to trade on Nasdaq under the ticker WINK.
A spot structure with cash creation
The fund is designed as a spot product, meaning it would own actual ZEC rather than futures contracts or other derivatives. The filing describes a cash-create and cash-redeem model: authorized participants hand over dollars rather than tokens when new shares are created, and the fund itself buys the underlying ZEC. Custody would go to Gemini Trust Company, LLC, the twins' own crypto firm, and the filing points to a partnership with Cypherpunk Technologies for Zcash network-related services.
Grayscale already has a head start
Grayscale launched its Zcash ETF, ticker ZCSH, on NYSE Arca on August 25, 2026, becoming the first US spot ETF for Zcash. The fund then pulled in more than $500 million in assets under management within roughly two weeks of launch. Grayscale charges a 2.5% management fee on ZCSH; the Winklevoss filing does not yet specify a competing fee.
In January 2026, the SEC concluded a review of Zcash-related matters without taking enforcement action, removing a cloud that had hung over products like these. Gemini has offered custody support for ZEC since 2018, along with trading support for the asset.
An S-1 filing is a starting point, not an approval. Having the issuer's own affiliated company serve as custodian could draw questions about how conflicts are managed when the fund sponsor and the vault share a family tree.
Source: Crypto Briefing
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