The Winklevoss Zcash ETF was filed with the SEC on October 6, 2026 on Form S-1. It seeks a Nasdaq listing under the ticker WINK.
The Brief
- Winklevoss Asset Services, LLC is the sponsor and its affiliate Gemini Trust Company, LLC is the custodian.
- The trust would pay its sponsor an annual unified fee of 0.25% of its ZEC holdings.
- The prospectus date is still blank in the filing. A registration statement is not an approval to list or trade.
The filing makes the Nasdaq listing conditional
The trust seeks to list and trade on the Nasdaq Stock Market, per the S-1 filing on SEC EDGAR.
The shares are expected to be listed for trading, subject to notice of issuance. The ticker symbol is ‘WINK.’ That wording makes the listing conditional.
Cypherpunk Technologies Inc. is under agreement with the Trust to serve as its ‘Zcash Ecosystem Partner.’
The sponsor’s own filing flags the custody overlap. A risk factor reads: Conflicts of interest may arise among the Sponsor or its affiliates, including the Custodian, and the Trust
Because the custodian, Gemini and its Nasdaq listing, is a sponsor affiliate, custody is a related-party arrangement and not an independent check on the sponsor.
The Winklevoss twins have filed for a spot zcash:native ETF, seeking a Nasdaq listing under the ticker $WINK https://t.co/V2HGJg2Phw
— Gemini (@Gemini) October 6, 2026
Grayscale’s ZCSH sets the fee benchmark
Grayscale’s Zcash ETF, ticker ZCSH, is the rival product. ZCSH lists on NYSE Arca with a 2.50% management fee. The S-1 rate is one tenth of that figure.
ZCSH launched on August 25, 2026, and Grayscale’s product page lists net assets of $785,522,289 as of October 5, 2026. It calls the fund the first and only US-listed exchange-traded product dedicated solely to ZEC. A rival at one tenth of the fee would enter a market where Grayscale already holds those assets.
The S-1 also warns about ZEC’s trading venues
Since 2019, ZEC, along with several other privacy tokens including Monero, Dash, and Horizen have been delisted from multiple exchanges, including Coinbase UK, Bittrex, and OKX. The filing adds that there is a risk that other digital asset trading platforms may remove ZEC from their platforms. It also says the cryptography used to enhance the privacy of transactions on the Zcash Network is new and could ultimately fail.
The open items set the calendar. The prospectus date is blank and the Nasdaq listing waits on notice of issuance. The fee gap with ZCSH therefore rests on a draft rate until the filing is amended.
