Monitor for subsequent amendments disclosing seed capital amounts, pricing benchmark details, and the effective date. The non-binding $100 million indication from Winklevoss Capital Fund suggests potential early demand, but is not a firm commitment.
Executive Summary
Winklevoss Zcash ETF filed an S-1 registration statement to list shares (ticker: WINK) on Nasdaq as an exchange-t traded product that holds ZEC (Zcash) and seeks to track its price via a pricing benchmark, less expenses. The trust charges a 0.25% annual sponsor fee and uses Gemini Trust Company (an affiliate) as custodian. No financial data (revenue, net income, seed capital amounts) are disclosed in the filing — all figures are placeholders. The filing is a preliminary prospectus with no pricing or valuation details.
Key Facts
- The trust is a Delaware statutory trust formed on October 6, 2026, sponsored by Winklevoss Asset Services, LLC.
- Shares trade on Nasdaq under ticker WINK; the trust holds ZEC and tracks a pricing benchmark based on a 60-minute TWAP of major ZEC trading platforms.
- Annual sponsor fee is 0.25% of ZEC Holdings, paid in ZEC or cash.
- Custodian is Gemini Trust Company, LLC (affiliate of sponsor); Cypherpunk Technologies Inc. serves as Zcash Ecosystem Partner.
- Winklevoss Capital Fund, LLC indicated non-binding interest in purchasing up to $100 million of shares.
- The trust is an emerging growth company and not registered under the Investment Company Act of 1940.
- All financial figures (seed capital, revenue, net income, ZEC holdings) are placeholders — no actual amounts disclosed.
Financial Impact
No financial data disclosed in the filing; all dollar amounts are placeholders.
Risk Factors
- Extreme volatility of ZEC and digital asset markets could cause total loss of investment.
- Privacy-preserving features of Zcash (zk-SNARKs) expose the trust to unique regulatory, security, and illicit-finance risks.
- The trust is not registered under the Investment Company Act or Commodity Exchange Act, offering fewer investor protections.
- Custodian is an affiliate of the sponsor, creating conflicts of interest and concentrated operational risk.
- A hard fork or clone of the Zcash blockchain could adversely affect share value; the trust disclaims all forked assets and airdrops.
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1 Filing (Primary) | 0001104659-26-113940 |
| Document: tm2626975d1_ex-filingfees.htm | 0001104659-26-113940 |
| Document: 0001104659-26-113940-index-headers.html | 0001104659-26-113940 |
| Document: 0001104659-26-113940-index.html | 0001104659-26-113940 |
| Document: 0001104659-26-113940.txt | 0001104659-26-113940 |
US Market Status
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