Winklevoss-Backed Spot Zcash ETF Files Registration Statement With SEC
Summary
- The Winklevoss-backed spot Zcash (ZEC) ETF has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) and is seeking a Nasdaq listing under the WINK ticker.
- The ETF will hold ZEC directly to track its price, charge an annual sponsor fee of 0.25%, and will not use leverage or derivatives.
- ZEC's price has surged more than 735% over the past year, bringing its market capitalization to about $23 billion, and it was trading at about $1,354 as the 10th-largest cryptocurrency by market value.
Forecast Trend Report by Period
A Winklevoss-backed spot Zcash exchange-traded fund has begun the listing process after filing a registration statement with the U.S. Securities and Exchange Commission.
Cointelegraph reported on October 6 that the Winklevoss Zcash ETF would hold ZEC directly to track its price and is seeking to list on Nasdaq under the ticker WINK.
According to the filing, Winklevoss Asset Services will serve as the ETF's sponsor, while affiliate Gemini Trust Company will custody the fund's ZEC holdings. The annual sponsor fee is 0.25%, and the fund will not use leverage or derivatives to meet its investment objective.
Winklevoss Capital Fund expressed interest in purchasing up to $100 million of the ETF's shares through one or more affiliates. The filing added that the indication of interest is not binding.
If launched, the ETF would allow investors to gain exposure to Zcash through traditional brokerage accounts without having to buy or hold ZEC directly. Zcash is a privacy-focused cryptocurrency that supports shielded transactions, using zero-knowledge proof technology to conceal transaction amounts as well as sender and recipient information.
In the U.S., Grayscale's Zcash ETF, ZCSH, is already trading. Grayscale recently announced a 3-for-1 stock split for the product.
ZEC has surged more than 735% over the past year, pushing its market capitalization to about $23 billion. According to CoinGecko, ZEC was trading at about $1,354 on October 6, making it the 10th-largest cryptocurrency by market value.
