Winklevoss Just Filed for a Zcash ETF to challenge Grayscale...

Winklevoss Files Spot Zcash ETF With the SEC

Winklevoss Capital has formally filed a registration statement with the U.S. Securities and Exchange Commission to list a spot Zcash exchange-traded fund on Nasdaq. The S-1 was filed on October 6, 2026, under the name Winklevoss Zcash ETF.If approved, the fund would trade on Nasdaq under the ticker $WINK.

The structure is straightforward. The fund is designed as a spot product, meaning it would own actual $ZEC, the native token of the Zcash network, rather than futures contracts or derivatives. Net asset value would be determined by applying a time-weighted average price formula based on executed order flow from top digital asset exchanges. Custody would go to Gemini Trust Company, LLC, the twins' own crypto firm.

A Direct Challenge to Grayscale's Early Lead

The filing puts Winklevoss in direct competition with @Grayscale, which already holds a significant head start in the space. The Grayscale Zcash ETF, ticker $ZCSH, began trading on NYSE Arca on August 25, 2026, becoming the first exchange-traded product in the world to offer spot exposure to $ZEC.The fund pulled in more than $500 million in assets under management within roughly two weeks of launch.

Grayscale charges a 2.5% management fee on $ZCSH. The Winklevoss filing does not yet specify a competing fee. That gap will be one to watch as the SEC reviews the application, since fee competition has historically been a key battleground in ETF markets.

The broader regulatory backdrop has also shifted in favor of privacy-coin products. In January 2026, the SEC concluded a review of Zcash-related matters without taking enforcement action, removing a significant overhang and opening the door for regulated products like $ZCSH.

Should the Winklevoss application receive approval, Wall Street would have two competing spot $ZEC products listed on major U.S. exchanges, giving institutional investors a choice of venue and fund structure for regulated exposure to the privacy-focused digital asset.

Sources:Winklevoss Zcash ETF Form S-1, U.S. Securities and Exchange CommissionWinklevoss files for spot Zcash ETF with US SEC, Crypto BriefingThe Zcash ETF (ZCSH) Begins Trading on NYSE Arca, GlobeNewswire