A new exchange-traded fund backed by prominent crypto entrepreneurs Tyler and Cameron Winklevoss has officially taken a step closer to reality, filing a registration statement with the United States Securities and Exchange Commission to track the price of the privacy-focused cryptocurrency Zcash.
According to the official regulatory filing, the proposed Winklevoss Zcash ETF would hold ZEC directly and aims to list on the Nasdaq Stock Market under the ticker symbol WINK. The move marks another ambitious expansion for the Winklevoss brothers into regulated crypto investment vehicles, offering traditional financial market participants a direct bridge into a digital asset historically known for its advanced privacy features.
Under the operational structure outlined in the regulatory paperwork, Winklevoss Asset Services would act as the sponsor for the fund. Meanwhile, its corporate affiliate, Gemini Trust Company—the established cryptocurrency exchange and custody provider founded by the brothers—would serve as the custodian responsible for securely holding the ETF’s underlying ZEC reserves. To appeal to cost-conscious investors navigating the traditional brokerage landscape, the fund has proposed an annual sponsor fee of 0.25%. Furthermore, the filing indicates that the vehicle will maintain a straightforward, unleveraged approach, explicitly stating that the fund would not use leverage or derivatives to achieve its investment objective.
Demonstrating significant early financial backing for the project, the Winklevoss Capital Fund, operating through one or more affiliated entities, has signaled an interest in purchasing up to $100 million worth of shares in the proposed ETF. However, the filing clarifies that this potential seed investment is not legally binding at this preliminary stage.
The introduction of the proposed WINK fund comes as institutional and retail investors increasingly look for regulated, seamless avenues to capture exposure to alternative digital assets without needing to navigate the technical complexities of self-custody or crypto-native exchanges. By launching through a traditional brokerage account, investors would gain direct price exposure to Zcash, a cryptocurrency powered by zero-knowledge proofs. These cryptographic mechanisms enable shielded transactions capable of concealing transaction amounts alongside the identities of senders and recipients, balancing financial privacy with cryptographic verification.
The Winklevoss-backed filing arrives in an evolving marketplace that already features competing products. The fund will join Grayscale’s existing Zcash ETF, which trades under the ticker ZCSH in the United States and recently made headlines by announcing a 3-for-1 share split for the fund to adjust its trading accessibility.
The renewed institutional interest in Zcash coincides with a remarkable market performance for the underlying asset. Over the past year, ZEC has surged by more than 735%, a staggering rally that has driven its total market capitalization to approximately $23 billion, according to comprehensive tracking data from CoinGecko. Trading at roughly $1,354, Zcash has cemented its position as the 10th-largest cryptocurrency in the global ecosystem by market value, drawing renewed attention from traders, analysts, and institutional architects alike as the broader digital asset landscape experiences heightened market maturity and shifting sector trends.
