Winklevoss Twins File for Zcash ETF 'WINK'

Cameron and Tyler Winklevoss have filed with regulators to launch a spot Zcash exchange-traded fund (ETF) named 'WINK'. The ETF, detailed in an S-1 registration statement submitted to the Securities and Exchange Commission, will hold ZEC directly and aim to track its price, allowing investors to gain exposure through traditional brokerage accounts. The fund is expected to trade on Nasdaq with a 0.25% sponsor fee. Gemini, the twins' crypto exchange, will act as custodian for the ZEC held in cold storage. Winklevoss Capital Fund has expressed interest in purchasing up to 100 million shares in the offering, though this is a non-binding commitment. The trust has also partnered with Cypherpunk Technologies for advisory on protocol matters. This filing comes as Zcash experiences a resurgence, moving into the top ranks of digital assets amid growing concerns over financial surveillance. The filing acknowledges the risks associated with ZEC's volatility and the vulnerabilities of privacy coins, including a recent soundness bug that temporarily caused a 50% drop in ZEC's value. The SEC's approval is required before trading can commence, and like all spot crypto ETFs, the fund will track a highly volatile asset.

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