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ZEC 温克尔沃斯资产服务提交Zcash现货ETF初步S-1文件
10月6日（星期二），温克尔沃斯资产服务（Winklevoss Asset Services）向美国证券交易委员会（SEC）提交了关于推出Zcash（ZEC）现货交易所交易基金（ETF）的初步S-1文件。该基金拟收取每年0.25%的赞助费，这一费率仅为目前美国唯一上市的Zcash ETF发行商Grayscale所收费用（2.5%）的十分之一。
极具竞争力的低费率策略
根据S-1文件披露，该基金命名为“温克尔沃斯Zcash ETF”（Winklevoss Zcash ETF），将直接持有ZEC代币，并在纳斯达克以代码“WINK”进行交易。其设定的0.25%费率远低于Grayscale旗下产品ZCSH所收取的2.5%管理费。
ZCSH是温克尔沃斯兄弟瞄准的市场 incumbent（现有主导者）。该产品由长期存在的信托转型而来，于8月25日在NYSE Arca开始交易，成为美国首只追踪隐私币的现货基金。上市不到一个月，该产品便吸引了超过2.33亿美元的资金流入，净资产规模接近8.9亿美元，甚至促成了3:1的股份拆分。随着WINK的加入，其费率将比ZCSH低90%，形成显著的竞争优势。
托管人与顾问背景
The custodian of the fund still belongs to the commercial territory of the Winkleworth twins, with its exchange, Gemini Trust Company, serving as a custodian and responsible for keeping the ZEC held by the trust in cold storage.
In addition, Winklevoss Capital Fund has expressed non-binding intention to purchase up to US$10 million in the offering. The trust also hired Cypherpunk Technologies as its "Zcash Ecosystem Partner." The document states that Cypherpunk's role includes providing agreement guidance and conducting currency holder polls and voting support.
Cameron Winklevoss is listed as the contact leader for the Winklevoss sponsor office in Wilmington, Delaware. Cypherpunk, a NASDAQ-listed company backed by Tyler Winklevoss, has recently been actively increasing its holdings in ZEC. It reportedly purchased US$29 million worth of ZEC, bringing its holdings to nearly 2% of its circulating supply and moving towards its 5% target.
The highly competitive recovery track
The launch of WINK will make Winkleworth the third issuer to apply for the U.S. spot Zcash ETF, the first two being Grayscale and Bitwise. At the end of last year, Bitwise revealed its plans and submitted 11 "strategic" ETF applications to the SEC, including ZEC, AAVE, Bittensor's TAO and other tokens. Outside the United States, 21Shares listed Europe's first Zcash ETP on Euronext Paris and Amsterdam in September, with a fee also of 2.5%.
These filings reflect the strong recovery of the ZEC token itself. On Tuesday, the token was priced at about $1,359, compared with only $42 to $50 a year ago. Proponents including a16z Crypto and Vitalik Buterin have made privacy protection a core theme in 2026. Zcash uses zk-SNARKs cryptographic technology to allow users to hide the sender, recipient and amount information of a transaction.
The Winkleworth brothers 'long-term bet
This move continues the Winkleworth brothers' long-term relationship with the asset. Gemini was the first exchange licensed to provide Zcash trading and custody services. In January, the twins donated $1.2 million worth of ZEC to Shielded Labs, an independent Zcash developer organization.
It is worth noting that the submission of the WINK document has been 13 years since the brothers first applied for the U.S. spot Bitcoin ETF. At the time, the SEC rejected the application due to concerns about price manipulation.
Currently, the S-1 document is still in the preliminary stage, and the trust cannot sell its shares until registration takes effect. This means that the fee battle with Grayscale will only really unfold after the SEC approves WINK's listing.
