Cameron and Tyler Winklevoss presented a proposed spot Zcash ETF at Token2049 in Singapore, with the filing arriving shortly after. Winklevoss Asset Services, a newly formed issuer, submitted preliminary S-1 registration paperwork to the US Securities and Exchange Commission on October 6, 2026.
The fund would list on Nasdaq under the ticker WINK and hold ZEC, the native token of the Zcash network, directly. Investors would gain price exposure to the token without managing wallets or private keys themselves.
Fee structure positions it as a competitive alternative
The annual sponsor fee is set at 0.25%, positioning the fund as a significantly cheaper option than the existing rival. Grayscale's Zcash ETF, trading as ZCSH, charges 2.5%—ten times as much. On a hypothetical $10,000 position held for a year, the difference amounts to $225 in annual costs.
Grayscale's ZCSH launched on August 25, 2026, and accumulated over $233 million in inflows within its first month, holding nearly $890 million in assets.
Custody and partnership details
Gemini Trust Company, an affiliate of the Winklevoss twins, would hold the fund's ZEC in cold storage. The filing also names Cypherpunk Technologies as the Zcash Ecosystem Partner, a role involving protocol information and coinholder voting assistance.
The Winklevoss Capital Fund has expressed non-binding interest in purchasing up to $100 million of shares after the ETF launches, though this commitment is not binding.
Market context and regulatory path
The proposal represents the third US filing for a spot Zcash ETF. A preliminary S-1 is an opening step in the registration process; amendments and regulatory questions typically follow before launch.
Zcash is a privacy-focused cryptocurrency designed for users preferring not to broadcast transactions publicly. The Winklevoss twins were early adopters of the asset, and Gemini became the first licensed exchange to offer ZEC trading. ZEC has performed strongly in 2026, driven by rising interest in privacy-focused assets.
