Winklevoss Asset Services Targets Nasdaq Listing With Proposed Zcash ETF

Zcash could gain another U.S. spot ETF as Winklevoss Asset Services files to list WINK shares on the Nasdaq exchange.

Winklevoss Asset Services has filed for a spot Zcash ETF designed to trade on Nasdaq under the ticker WINK. Proposed shares would hold Zcash directly, giving investors exposure to ZEC without managing tokens in personal wallets. Gemini would serve as custodian, while share creations and redemptions would settle entirely in cash. Filing activity comes as ZEC trades above $1,376 following a gain of more than 5% over 24 hours.

Proposed Zcash ETF Would Hold ZEC Directly

Under its registration, Winklevoss Asset Services plans to list WINK on Nasdaq after receiving required regulatory clearance. 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. Participants would therefore avoid transferring ZEC to the fund or receiving tokens during redemptions. Cash received from new share creations would fund purchases of ZEC. Gemini would hold those tokens as custodian while authorized participants continue settling transactions in dollars.

Such a structure separates ETF share transactions from direct handling of cryptocurrency. Investors would buy exchange-traded shares representing an interest in ZEC held by WINK. Regulatory clearance remains necessary before trading can begin. An Oct. 6 registration identifies Nasdaq and WINK as the intended exchange and ticker but gives no launch date.

Grayscale Zcash ETF Records First Weekly Outflows

Winklevoss Asset Services enters 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. Shares began trading on NYSE Arca under ticker ZCSH, with Coinbase serving as custodian.

Assets stood near $304 million at launch, while its management fee was set at 2.50%. Recent data, however, showed investors pulling money from ZCSH. Weekly withdrawals reached $93.56 million during the period ending Oct. 2, according to SoSoValue data.

Daily net outflows reached $30.25 million on Sept. 30 before another $26.93 million left on Oct. 2. ZCSH still held around $751 million in net assets, with cumulative net inflows near $212.56 million.

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

Cypherpunk Named for Network Services

Winklevoss Asset Services also named Cypherpunk Technologies as a partner for Zcash network services. Gemini would remain responsible for custody under the proposed arrangement. Cypherpunk previously expanded its Zcash operations through a $33.33 million mining fleet transaction announced in August.

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Equipment and hosting agreements came from entities affiliated with Winklevoss Capital. Cypherpunk said its Bitmain Z15 Pro fleet operated across U.S. hosting facilities. At the time, those machines 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. Shares were valued at $0.77 each, while the warrant carried a $0.001 exercise price.

Cameron and Tyler Winklevoss 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. Its launch now depends on regulatory clearance.