The proposed fund would hold ZEC directly, with Gemini Trust serving as custodian and Winklevoss Capital affiliates eyeing up to a $100 million investment.
A Winklevoss-backed exchange-traded fund (ETF) seeking to track Zcash’s price has filed a registration statement with the US Securities and Exchange Commission (SEC).
The proposed Winklevoss Zcash ETF would hold ZEC directly and seek to list on the Nasdaq Stock Market under the ticker WINK, according to the filing.
Winklevoss Asset Services would sponsor the fund, while its affiliate Gemini Trust Company would custody the ETF’s ZEC holdings. The fund would charge an annual sponsor fee of 0.25% and would not use leverage or derivatives to achieve its investment objective.
Winklevoss Capital Fund, through one or more affiliates, has indicated interest in purchasing up to $100 million in shares in the proposed ETF, though the filing said the potential investment is not binding.
The ETF would allow investors to gain exposure to Zcash through a traditional brokerage account without directly buying or holding the privacy-focused cryptocurrency. Zcash uses zero-knowledge proofs to enable shielded transactions that can conceal transaction amounts and the identities of senders and recipients.
The Winklevoss fund would join Grayscale’s Zcash ETF (ZCSH), which is already trading in the US. Grayscale recently announced a 3-for-1 share split for the fund.
ZEC has surged more than 735% over the past year, pushing its market capitalization to about $23 billion, according to CoinGecko data . It was trading at roughly $1,354 on Tuesday, ranking as the 10th-largest cryptocurrency by market value.
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