Key Highlights
- Winklevoss Asset Services filed an S-1 with the SEC for the proposed Winklevoss Zcash ETF on October 6.
- The Trust would hold ZEC and seek to track its price after expenses and liabilities.
- Shares are expected to trade on Nasdaq under the ticker WINK, subject to regulatory effectiveness and notice of issuance.
Winklevoss Asset Services, LLC, a private financial entity owned by the billionaire investors Cameron and Tyler Winklevoss, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the proposed Winklevoss Zcash ETF.
According to the official SEC filing dated October 6, the investment objective is to provide exposure to the price of ZEC held by the Trust, less expenses, and other liabilities. Net asset value would be calculated each business day by reference to a pricing benchmark based on a time-weighted average of executed trades from major ZEC trading platforms.
Shares are expected to list on the Nasdaq Stock Market under the ticker symbol WINK, subject to notice of issuance. The Trust is structured as an exchange-traded product that would hold ZEC, the native digital asset of the Zcash network.
Structure and service providers
The filing further reveals that the Trust would issue and redeem shares in large blocks known as “baskets.” Creations would generally occur for cash, which would then be used to acquire the corresponding quantity of ZEC. Redemptions would involve the sale of ZEC with cash proceeds distributed to authorized participants.
Winklevoss Asset Services, LLC is the sponsor. CSC Delaware Trust Company serves as trustee. Gemini Trust Company, LLC, an affiliate of the sponsor, is designated as the custodian that would hold the trust’s ZEC. Cypherpunk Technologies Inc. has been named a Zcash Ecosystem Partner to provide certain advisory services related to the Zcash network, including potential assistance with coinholder polling and protocol developments.
The Trust is not registered under the Investment Company Act of 1940 and is not a commodity pool under the Commodity Exchange Act. The offering is intended to be continuous for an indeterminate number of shares. Winklevoss Capital Fund, LLC has indicated a non-binding interest in purchasing up to $100 million of shares.
Existing Zcash ETF activity
In line with Zcash ETF activity, Grayscale Investments’ Zcash ETF began trading on NYSE Arca on August 25, 2026, under the ticker ZCSH.
According to a Form 8-K filed September 18, 2026, the fund planned a 3-for-1 forward share split. Shareholders of record at the close of trading on September 28 received two additional shares for each share held, with the additional shares distributed after the close on September 29. Trading began on a split-adjusted basis on September 30 under the same ZCSH ticker.
DCG in-kind contribution
Meanwhile, a Form 8-K filed September 8, 2026, disclosed that DCG International Investments Ltd. acquired shares of the Grayscale Zcash ETF with an aggregate value of approximately $100 million.
The shares were obtained through an authorized participant in exchange for 85,705.32563297 ZEC. Earlier disclosures had referenced discussions involving approximately 200,000 ZEC for a contribution of similar dollar value. The final quantity reflected the market price of ZEC at the time of settlement. DCG is the indirect parent of Grayscale Investments Sponsors, LLC.
The Winklevoss S-1 filing follows the August launch of the Grayscale product, the September share split, and the DCG contribution. No effective date for the Winklevoss registration has been set, and the preliminary prospectus states that the information remains subject to change.
Zcash price recovers as filing unveiled
According to CoinGecko data, Zcash (ZEC) traded at $1,354.03 (on October 6, 2026, at 17:00 UTC), up 4.2% over the prior 24 hours. The 24-hour range stood between $1,293.80 and $1,381.47. Market capitalization was recorded at $22.992 billion, with 24-hour trading volume of $806.907 million.
Circulating supply measured 16.967 million tokens against a maximum supply of 21 million. The all-time high remains $3,191, leaving the current price 57.6% below that level. The all-time low of $16.08 places the present valuation 8,320.5% higher. These figures provide the market backdrop for the October 6 Winklevoss Zcash ETF S-1 filing.
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