Winklevoss Zcash ETF Could Become the Second U.S. Spot ZEC Fund After Grayscale’s ZCSH
Winklevoss Asset Services filed for a spot Zcash ETF (WINK) on Nasdaq, with a 0.25% annual fee. Cypherpunk Technologies (CPHT) is named as the ETF's Zcash Ecosystem Partner. The fund would be the second U.S. spot ZEC ETF after Grayscale's ZCSH, which holds over $500 million. The filing notes risks, including a past Zcash bug. Winklevoss Capital may invest up to $100 million in WINK shares.
How this was made

The 30-second read
Why it matters
The new ETF could attract institutional capital to ZEC, potentially lifting its price and benefiting crypto‑related stocks.
Market read
First‑report filing of a spot ZEC ETF introduces a new tradable vehicle, likely influencing ZEC price and crypto fund dynamics.
What to watch
The filing notes a past security bug in ZEC; any lingering concerns could temper investor enthusiasm.
Background
The Winklevoss team previously attempted a Bitcoin ETF in 2017; this filing marks their latest effort to bring a spot ZEC product to market.
Market effects
Adds another spot crypto ETF, increasing competition among crypto fund providers and supporting broader crypto sector growth.
U.S. investors gain direct ZEC exposure, potentially raising U.S. crypto market liquidity.
Signals continued regulatory acceptance of spot crypto ETFs, influencing global crypto fund strategies.
Counterpoint
If regulatory scrutiny intensifies, the ETF could face delays, limiting near‑term upside.
Key entities
- companyWinklevoss Asset Services
Fund sponsor filing for the spot Zcash ETF.
- companyCypherpunk Technologies
Nasdaq‑listed ZEC ecosystem partner named in the filing.



