Winklevoss Asset Services files for proposed Zcash ETF

Winklevoss Asset Services has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed spot Zcash exchange-traded fund that would hold ZEC directly and seek to list on Nasdaq under the ticker WINK. The fund cannot begin trading unless it receives the required regulatory clearance, and the filing does not establish when that might happen. Under the proposed structure, Gemini Trust Company would custody the ZEC backing the fund’s shares. Authorized participants would use cash to create and redeem shares rather than transfer ZEC to or from the fund. For new creations, the registration describes the fund using contributed cash to purchase ZEC. The proposal identifies Winklevoss Asset Services as sponsor and sets an annual sponsor fee of 0.25%. The filing also says Winklevoss Capital Fund, through one or more affiliates, has indicated nonbinding interest in purchasing up to $100 million of shares. That stated interest is not a binding commitment, and the registration does not establish that any purchase will occur or specify a final amount. Cypherpunk Technologies is named separately as a Zcash ecosystem partner for network-related services.