Winklevoss Twins Eye Zcash ETF Amid Crypto Volatility

Winklevoss Capital Fund has indicated interest in investing up to $100 million in a new Zcash (ZEC) spot Exchange Traded Fund (ETF), slated to trade on Nasdaq under the ticker WINK. The SEC filing on October 6, 2026, suggests potential investment, though it is non-binding. This move follows Zcash's remarkable sevenfold surge over the past year, contrasting with Bitcoin's approximate 30% decline.

The proposed WINK ETF would hold actual ZEC coins, with Gemini Trust Company, part of the Winklevoss twins' Gemini exchange group, acting as custodian. The fund plans a 0.25% annual fee. Cypherpunk Technologies, a significant ZEC holder, will serve as the "Zcash Ecosystem Partner" and adviser, raising concerns about a concentration of risk within Gemini.

This strategic filing appears critical for Gemini, whose custody revenue plummeted by 67% to $0.6 million in Q2 2026, contributing to a net loss of $107.7 million in the same quarter. Securing ETF custody business could provide a vital revenue stream for the struggling platform.

However, the impact on ZEC's price remains uncertain. WINK would be the second Zcash ETF, following Grayscale's ZCSH which already holds $306 million, potentially dividing investor demand. Furthermore, regulatory hurdles persist, as a crypto market bill failed to advance in the Senate on September 15, 2026. For the ETF to materially affect ZEC, SEC approval, fund trading, and actual ZEC purchases by Winklevoss Capital are necessary.