Zcash just picked up a third ETF filing in the US. The Winklevoss twins, who tried to launch a bitcoin ETF 13 years ago, now want to list a fund that holds $ZEC directly.
đ The news
Per The Block, Winklevoss Asset Services filed an S-1 with the SEC for a spot Zcash ETF that would trade on Nasdaq under the ticker WINK. Gemini Trust Company would act as custodian, and the fund would charge a 0.25% annual sponsor fee.
đ The numbers
âą Winklevoss Capital Fund indicated nonbinding interest in buying up to $100 million of shares.
âą Grayscale's ZCSH, the only live US spot ZEC ETF, launched in August and drew over $233 million of inflows and nearly $890 million in net assets in its first month, per The Block.
âą Bitwise has also filed, making this the third issuer in line.
âą ZEC trades near $1,325, roughly flat over 24 hours, per CoinGecko.
đ Why it matters
A privacy coin with several ETF wrappers would have sounded unlikely a few years ago. A 0.25% fee suggests issuers expect real competition for demand. It also lands in a week when FinCEN withdrew its proposed mixer reporting rule. Separately, Winklevoss-backed Cypherpunk has bought $29 million of ZEC, taking its holdings to nearly 2% of circulating supply, per The Block.
âïž Bull vs bear case
âą Bull: more products, lower fees and regulated custody can widen the buyer base.
âą Bear: ETF flows cut both ways. Cointelegraph reported $3.6 million of ZEC ETF outflows on Monday, and the SEC has not set a decision date.
đ What to watch next
SEC review of the S-1, and the Zcash NU7 upgrade, targeted for mainnet on November 5.
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đĄ My take: Three issuers chasing the same niche usually means they expect lasting demand, not a single trade. In my view, privacy is shifting from a regulatory red flag to a product category.
đŹ Would you hold Zcash through an ETF or directly in a wallet?
#Zcash #ETF