温克莱沃斯申请现货Zcash ETF，ZEC价格攀升至1376美元以上

Winklevoss Asset Services filed an application for a Nasdaq-listed spot Zcash ETF with the code proposed to be WINK

ZEC has risen more than 5% in the past 24 hours and traded above US$1,376. In this context, Winklevoss Asset Services has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), proposing to list a Zcash-backed spot ETF on Nasdaq with the proposed trading symbol WINK.

Fund Structure and Cash Settlement Mechanism

Under the proposal, the Winklevoss Zcash ETF will directly hold ZEC tokens rather than gain exposure through futures contracts or other derivatives. Gemini Trust Company will serve as the custodian of the fund. Under the proposed structure, Authorized Participants (APs) will use cash to create and redeem shares without having to transfer ZEC tokens to funds or accept tokens as investment withdrawals.

For the creation of new shares, the document describes that ZEC will be purchased using cash invested by authorized participants. Gemini will hold the cryptocurrency that supports these shares, hand over custody of the tokens to a designated custodian, while participants conduct their transactions in U.S. dollars. This cash model separates participants 'share transactions from the processing of the underlying cryptocurrency. Although participants complete creation and redemption settlements without receiving asset deliveries, the fund will still directly own ZEC.

For U.S. investors, the proposed Nasdaq listing would provide access through trading shares backed by ZECs. Depending on the structure of the document, investors will buy interests in the fund rather than receive cryptocurrency in their personal wallets. The proposal still requires regulatory approval, and the October 6 registration did not set a transaction start date. Nasdaq and WINK are the expected exchanges and trading codes identified in the application.

Existing U.S. Zcash funds have been redeemed

This application follows the spot Zcash ETF launched by Grayscale. On August 25, Grayscale converted its nine-year-old Zcash trust into a trading product listed on NYSE Arca under the code ZCSH. Coinbase was designated as the custodian of the fund with a management fee rate of 2.50%, and the proceeds were used to support the development of the Zcash ecosystem.

Recent data shows that for the week ended October 2, Zcash ETF's total weekly redemptions reached US$93.56 million. This is ZCSH's first net outflow week since late August. According to the same data set, the daily net outflow reached US$30.25 million on September 30 and US$26.93 million on October 2. Total net assets were approximately US$751 million, and cumulative net inflows remained positive at approximately US$212.56 million.

In addition, Grayscale's documents show that a three-to-one split of ZCSH shares was carried out on September 30, increasing the outstanding shares from 7,989,300 shares to 23,967,900 shares, but did not change the total value of investors 'positions.

Cypherpunk's Role and Mining Protocol

Winklevoss's registration document also specifies Cypherpunk Technologies as a partner for Zcash's web services. The document lists Gemini as a custodian and separately lists Cypherpunk's involvement in the network.

Cypherpunk has previously expanded its Zcash business by acquiring Zcash mining equipment. The Nasdaq-listed company reportedly purchased equipment and custody agreements from entities associated with Winklevoss Capital for $33.33 million. The company said the Bitmain Z15 Pro fleet operated in a U.S. hosted facility and accounted for approximately 18% of Zcash's network computing power at the time. Monthly production is expected to be approximately 7,800 ZECs, depending on changes in mining difficulty and competitive computing power.

Cameron and Tyler Winklevoss said in a company announcement: "So far, investors have limited options in accessing Zcash mining."

On the eve of the price rise of ZEC, the decision to upgrade NU7 is approaching.

Market data showed that ZEC rose by more than 5% in 24 hours, and the price was slightly above US$1,376. The report describes how prices rose from about $1,290 - 1,300 to $1,350, then fell back into the $1,320 range, and climbed again to near $1,380. Technical analysis points to resistance at $1,375 - 1,380, support at $1,355 - 1,360, followed by $1,340 - 1,345.

At the same time, developer Sean Bowe has formulated a timetable for upgrading the NU7 main network: test network activation will be carried out on October 6, and a decision will be made on October 20 whether to launch the activation level on the main network. The proposed November 5 release still depends on developers 'review of testnet's performance.

According to the technical proposal, NU7 will shorten the target block interval from 75 seconds to 25 seconds. The design is designed to maintain daily ZEC circulation by reducing the subsidy paid per block. Bowe's update notes that the upgrade will not introduce new transaction formats, but full nodes, indexers and block browsers may need to be adjusted for the revised consensus rules. The planned package will also disable version 4 transactions, preventing further spending from the legacy Sprout pool because version 5 transactions do not support it.