Winklevoss Twins File for Zcash ETF With $100 Million Pledge

A new exchange-traded fund tied to the cryptocurrency Zcash was filed with the Securities and Exchange Commission on October 6, 2026. The fund, proposed by Tyler and Cameron Winklevoss's investment firm Winklevoss Capital, would trade on Nasdaq under the ticker WINK and could involve an investment of up to $100 million.

What was filed and when

The filing describes WINK as a spot ETF, meaning its shares would trade like stocks while the fund itself holds actual ZEC coins. The fund would charge an annual fee of 0.25%, with the underlying coins held in offline cold storage by Gemini Trust Company, part of the Winklevoss twins' Gemini exchange business.

It is worth noting the $100 million figure is not a commitment. The filing itself describes these indications of interest as "not binding agreements or commitments to purchase." That means Winklevoss Capital could ultimately invest all of it, part of it, or none at all.

Zcash is a privacy-focused cryptocurrency that lets users obscure details of their transactions. Over the past year it has climbed more than sevenfold, reaching $1,367, while Bitcoin has fallen by about 30% over the same stretch.

The companies involved

The filing lays out a structure in which several Winklevoss-linked entities play multiple roles. Gemini Trust Company would serve as custodian. Cypherpunk Technologies, a crypto treasury company that already holds Zcash on its own balance sheet, would act as the fund's adviser under the title "Zcash Ecosystem Partner." As of the end of June 2026, Cypherpunk held about 323,000 ZEC, close to 2% of the total supply in circulation. Winklevoss Capital previously led a $58.88 million private share sale for Cypherpunk.

The filing itself flags a potential conflict of interest arising from these overlapping ties between the fund's sponsor and its custodian.

Gemini's public company, Gemini Space Station, has been under financial pressure. Its custody business brought in just $0.6 million in revenue in the second quarter of 2026, a 67% drop from the prior year, even as total company revenue reached $45.5 million. Gemini posted a quarterly loss of $107.7 million, and its cash reserves fell from $252 million at the end of 2025 to $189 million. The company has exited several international markets and cut its workforce by about 30% since the start of the year. Its shares, trading at $4.68, sit more than 80% below their initial trading price from September 2025.

At current prices, $100 million would buy roughly 73,000 ZEC, about 0.4% of the coins in circulation. WINK would be the second Zcash ETF to reach the market; Grayscale's Zcash ETF has traded since August 25, 2026, and has gathered $306 million in assets. Regulatory uncertainty also lingers, as the CLARITY Act, a bill meant to set federal rules for crypto markets, failed to advance in the Senate on September 15, 2026.

Who this affects

This filing is most relevant to current or prospective holders of ZEC, investors who follow Gemini Space Station's stock, and anyone considering exposure to crypto-linked ETFs. It also matters to those tracking how crypto exchanges are diversifying revenue as core businesses like custody services shrink. For now, the pledge is non-binding and the ETF has not been approved, so no purchases of ZEC have been made under this plan.

As this site's writer on money, insurance and benefits news often points out to everyday households, headlines about large dollar pledges in financial filings can look more definite than they are. In this case, the $100 million is described in the filing itself as an indication of interest rather than a guarantee, and the ETF would still need SEC approval and an actual launch before any coins are purchased.

Anyone following Zcash, Gemini, or crypto ETFs more broadly may want to watch for SEC action on this filing and any updates to the pledged amount. As always, those with questions about how a development like this fits into their own finances or holdings should check with a licensed financial professional before making decisions.

Source: 24/7 Wall St.

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