Tyler and Cameron Winklevoss are seeking SEC approval for a spot Zcash ETF, adding another contender to the growing market. Their firm, Winklevoss Asset Services, filed the registration statement on October 6.
The proposed fund would hold ZEC directly and trade on Nasdaq under the ticker WINK. However, the filing does not mean the SEC has approved the product.
Winklevoss Targets Spot Zcash Market
The fund would use a cash-based process for creating and redeeming shares. Authorized participants would provide dollars, while the fund would buy or sell ZEC.
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Gemini Trust Company would custody the fund’s ZEC. The filing also names Cypherpunk Technologies for services tied to the Zcash network.
The filing comes as Grayscale’s ZCSH already trades on NYSE Arca. Grayscale launched the fund on August 25, making it the first US spot Zcash ETF.
Competition Takes Shape
Grayscale charges a 2.5% management fee for ZCSH. However, the Winklevoss filing does not disclose a fee for its proposed fund.
Gemini has supported ZEC custody and trading since 2018. Meanwhile, the SEC closed its Zcash review in January without taking enforcement action.
The Winklevoss filing now starts the regulatory process for another spot Zcash product. However, the filing does not guarantee SEC approval.
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