Winklevoss Duo Files for Zcash ETF Under WINK Ticker

The proposed fund, identified by the ticker WINK, intends to hold ZEC tokens directly, with Gemini Trust Company serving as the custodian. According to the preliminary prospectus, the trust will not utilize leverage or derivatives, offering brokerage investors a passive path to Zcash exposure. Winklevoss Capital has indicated a nonbinding interest in purchasing up to $100 million in shares, though the filing confirms no formal commitment has been finalized. The sponsor, newly formed in Delaware, has also named Cypherpunk Technologies as an ecosystem partner to assist with technical matters and protocol polling.

If approved, WINK will challenge Grayscale’s existing ZCSH fund, which currently trades on NYSE Arca. The two products present a stark contrast in pricing; while the Winklevoss proposal targets a 0.25% fee, Grayscale’s product maintains a 2.5% annual sponsor fee. Zcash has seen significant market momentum throughout 2026, with prices hovering near $1,350 as of early October. The regulatory path remains in the early stages, as the S-1 filing leaves several key details blank, including the identity of the administrator and the specific seed-share transaction terms.