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Winklevoss files for spot Zcash ETF with US SEC
The Gemini founders want a Nasdaq-listed fund holding ZEC directly, setting up a challenge to Grayscale's early lead
Tyler and Cameron Winklevoss want in on 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 product, the Winklevoss Zcash ETF, would hold ZEC directly. If approved, it is expected to trade on Nasdaq under the ticker WINK.
What the Winklevoss Zcash ETF filing covers
The fund is designed as a spot product. That means it would own actual ZEC, the native token of the Zcash network, rather than futures contracts or some other derivative.
The filing describes a cash-create and cash-redeem model for authorized participants. Under a cash model, those firms hand over dollars rather than tokens when new shares are created. The fund itself handles buying the underlying ZEC.
Custody would go to Gemini Trust Company, LLC, the twins’ own crypto firm.
The filing also points to a partnership with Cypherpunk Technologies for Zcash network-related services.
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Grayscale got there first, and it hasn’t been quiet
Grayscale launched its Zcash ETF, ticker ZCSH, on NYSE Arca on August 25, 2026. That fund became the first US spot ETF for Zcash. It 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.
The regulatory path that made this possible
In January 2026, the SEC concluded a review of Zcash-related matters without taking enforcement action. That outcome removed a significant cloud, and once the review closed, the door opened for products like ZCSH.
Gemini has offered custody support for ZEC since 2018, along with trading support for the asset.
What this means for ZEC and the ETF market
Grayscale’s 2.5% fee gives the Winklevoss team an obvious target. Gemini custody, years of ZEC support, and the Cypherpunk Technologies partnership give them a story about ecosystem depth.
An S-1 filing is a starting point, not an approval, and having the issuer’s affiliated company serve as custodian could draw questions about how conflicts are managed when the fund sponsor and the vault share a family tree.