Winklevoss Asset Services has filed for a spot Zcash exchange-traded fund that would trade on Nasdaq under the ticker WINK, setting up a potential new regulated route to Zcash (ZEC) exposure for U.S. investors. The move would put a second spot Zcash fund on U.S. exchange shelves, alongside Grayscale's ZCSH on NYSE Arca.

The proposed shares would hold Zcash directly, giving investors exposure to ZEC without requiring them to manage tokens in personal wallets. Gemini would serve as custodian, while share creations and redemptions would settle entirely in cash. The filing arrives as ZEC trades above $1,376 following a gain of more than 5% over 24 hours.

Proposed ETF Would Hold ZEC Directly and Settle in Cash

Under its registration, Winklevoss Asset Services plans to list WINK on Nasdaq once the required regulatory clearances are in place. Unlike futures-based products, WINK would own ZEC directly as its underlying asset.

Authorized participants would use cash when creating new shares and receive cash when redeeming them. They would therefore avoid transferring ZEC to the fund or receiving tokens during redemptions. Cash received from new share creations would fund purchases of ZEC, which Gemini, the exchange founded by Cameron and Tyler Winklevoss, would hold as custodian while authorized participants continue settling transactions in dollars.

The structure separates ETF share transactions from direct handling of the cryptocurrency itself. Investors would buy exchange-traded shares representing an interest in the ZEC held by WINK, meaning exposure could be gained or exited through a standard brokerage account while the custodian manages the tokens. Regulatory clearance remains necessary before trading can begin: the Oct. 6 registration identifies Nasdaq and WINK as the intended exchange and ticker but gives no launch date. The S-1 now enters the SEC's review process, the step that determines when, or whether, the fund can list.

Grayscale's ZCSH Records First Weekly Outflows

Winklevoss Asset Services would enter a U.S. market where another spot Zcash product is already trading. Grayscale converted its nine-year-old Zcash Trust into an exchange-traded product on Aug. 25, with shares trading on NYSE Arca under the ticker ZCSH and Coinbase serving as custodian. Assets stood near $304 million at launch, and the product carries a 2.50% management fee. WINK would offer investors a second U.S.-listed option, backed by a different custodian and a different exchange.

Recent data, however, show investors pulling money from ZCSH. Weekly withdrawals reached $93.56 million during the period ending Oct. 2, according to SoSoValue data. Daily net outflows totaled $30.25 million on Sept. 30 before another $26.93 million left the fund on Oct. 2. ZCSH still held around $751 million in net assets, with cumulative net inflows near $212.56 million — figures closely watched as a gauge of demand for spot crypto funds.

ZEC also experienced a sharp price decline during that stretch. CoinGecko historical data show a close of $1,653.12 on Sept. 26 and $1,304.32 on Oct. 3. Grayscale separately completed a three-for-one ZCSH share split on Sept. 30, with outstanding shares rising from 7,989,300 to 23,967,900 without changing investors' total holding value.

Cypherpunk Named for Network Services

The filing also names Cypherpunk Technologies as a partner for Zcash network services, with Gemini remaining responsible for custody under the proposed arrangement. Cypherpunk previously expanded its Zcash operations through a $33.33 million mining fleet transaction announced in August.

— Will McEvoy (@will__mcevoy) August 18, 2026

Equipment and hosting agreements for that transaction came from entities affiliated with Winklevoss Capital. Cypherpunk said its Bitmain Z15 Pro fleet operates across U.S. hosting facilities and, at the time, represented about 18% of Zcash network computing power. Estimated monthly output stood near 7,800 ZEC, although mining difficulty and competing computing power can affect production.

An SEC filing described payment through a pre-funded warrant covering 43,290,042 common shares instead of cash. The shares were valued at $0.77 each, while the warrant carried a $0.001 exercise price.

Cameron and Tyler Wlevoss said investors previously had “limited options for Zcash mining exposure.”

WINK would add another route for U.S. investors seeking ZEC exposure through regulated exchange-traded shares, though its launch now depends on regulatory clearance. No timeline for a regulatory decision has been disclosed, leaving SEC review of the registration and Nasdaq's listing process as the next milestones to watch.