Winklevoss Asset Services files for spot Zcash ETF with SEC

Winklevoss Asset Services has filed an S-1 registration statement with the United States Securities and Exchange Commission to launch a spot Zcash exchange-traded fund. Cointelegraph, The Block, and Decrypt reported that the proposed fund seeks to hold ZEC directly and trade on the Nasdaq Stock Market under the ticker symbol WINK. [1][2][4]

The fund will use Gemini Trust Company as its custodian, according to Cointelegraph, The Block, and Decrypt. The Block and The Defiant reported that the fund will charge a 0.25 percent fee. Additionally, affiliates of Winklevoss Capital have expressed non-binding interest in purchasing up to $100 million worth of shares, according to Cointelegraph and The Defiant. [1][2][3][4]

The proposed product enters a market with existing spot crypto offerings and competes directly with products such as Grayscale's ZCSH, according to The Block. Decrypt reported that the exchange-traded fund aims to allow investors to gain exposure to Zcash through traditional brokerage accounts without purchasing or storing the digital asset directly. [2][4]