Zcash price rises to $1,317 as Winklevoss brothers apply for ETF

Winklevoss 向 SEC 提交在纳斯达克推出 Zcash 现货 ETF 申请

Winklevoss Asset Services 已正式向美国证券交易委员会（SEC）提交申请，拟在纳斯达克交易所推出名为 WINK 的 Zcash（ZEC）现货交易所交易基金（ETF）。该基金年费率为 0.25%，并已获得 Winklevoss Capital 关联机构高达 1 亿美元的非约束性购买意向。

核心摘要

• 直接持有资产：Winklevoss Asset Services 提交的纳斯达克 Zcash ETF 申请显示，该基金将直接持有 ZEC 代币。
• 费用与托管：拟议中的 WINK 基金每年收取 0.25% 的管理费，并由 Gemini Trust Company 负责 ZEC 的托管。
• 初期资金意向：Winklevoss Capital 的关联公司已表示，在产品发行后有意购买价值高达 1 亿美元的份额。
• 市场竞争格局：Grayscale 推出的竞争产品 ZCSH 已在 NYSE Arca 交易，并近期完成了三合一的股份拆分。
• ZEC 市场表现：在过去十二个月中，ZEC 涨幅超过 700%，目前交易价格接近 1,341 美元。

基金结构与运作机制

SEC 文件显示，拟议的 Winklevoss Zcash ETF 将直接拥有 ZEC，并在扣除运营费用后力求追踪该加密货币的价格走势。作为发起人关联方的 Gemini Trust Company 将负责保管基金持有的 ZEC。目前注册声明仍处于初步阶段，在注册生效前不得出售股份，且文件中未给出 WINK 开始交易的具体日期。

值得注意的是，Winklevoss 此次提交 Zcash ETF 申请的时间，恰好距离其首次提交比特币现货 ETF 申请整整 13 年。分析师 Eric Balchunas 指出，这一时间巧合标志着 Cameron 和 Tyler Winklevoss 兄弟在加密资产领域的长期回归。

WINK 被设计为被动型产品，旨在让经纪商投资者能够接触 ZEC，而无需自行购买加密货币或管理私钥。根据拟议结构，信托基金不会使用杠杆或衍生品来追踪 Zcash，其资产也不会被出借、质押或用作抵押品。Gemini 将保障信托基金拥有的所有 ZEC，SEC 文件指出该公司是受纽约州金融服务部监管的纽约特许实体。由于 Gemini 与发起人属于同一企业集团，文件将其列为潜在的利益冲突点。

该 ETF 可以使用 ZEC 或现金处理申购和赎回。使用实物申购的授权参与者需将 ZEC 交付至信托基金的托管账户，而现金订单则要求基金通过交易对手方安排购买。赎回也可通过这两种方式进行。

Fees and Partners

Winklevoss Asset Services sets the annual promoter fee at 0.25% of the value of the trust fund's ZEC position. The fee is accumulated daily and can be paid monthly in ZEC or cash, while the promoter reserves the right to waive the fee partially or completely for a specific period of time. Cypherpunk Technologies has been designated as a Zcash ecosystem partner for the fund, and its responsibilities may include assisting with holder voting, protocol development and other Zcash-related technical issues.

Important clarification on the "$100 million intention"

Although Winklevoss Capital Fund has expressed interest in purchasing WINK shares worth up to $100 million, the SEC filing clearly states that this is not a purchase commitment. Winklevoss Capital or its affiliates may ultimately acquire more, less, or completely waive the proposed amount. Seed investment has not yet been determined in the preliminary prospectus, and the fields involving seed investors, number of seed shares and initial purchase amount are still blank.

In addition, the promoter itself is newly established. Winklevoss Asset Services was incorporated in Delaware on October 1, just five days before the S-1 form was filed. The prospectus stated that its personnel had experience in exchange-traded products, but the newly established promoter had not previously managed pooled investment vehicles.

Market competition: The duel with Grayscale ZCSH

如果 WINK 按照当前条款推出，其费率将与 Grayscale 的产品形成鲜明对比。Grayscale 的 ZCSH 于今年 8 月在其长期的 Zcash 信托转换完成后开始在 NYSE Arca 交易，其年度赞助商费用为 2.5%，远高于 WINK 拟议的 0.25%。

ZCSH 自 8 月上市以来经历了多次调整。Grayscale 于 9 月 30 日完成了三合一的股份拆分，使流通股从 799 万股增加到 2,397 万股，每股净值从 111.41 美元降至 37.14 美元，但未改变每位投资者的总持仓价值。Digital Currency Group (DCG) 已在拆分前向 ZCSH 投入了 1 亿美元，该交易已完成。此外，Grayscale 在 9 月下旬扩展了其托管设置，安奇拉数字银行（Anchorage Digital Bank）成为新的托管方之一。

ZEC 市场动态与安全披露

随着 WINK 等待批准，ZEC 市值已超过 200 亿美元。截至 10 月 7 日 UTC 时间 02:19，数据显示 ZEC 交易价格接近 1,358.20 美元，24 小时内上涨 0.8%，市值约为 223 亿美元，在追踪器上排名第 10 位。CoinGecko 数据显示，10 月 6 日收盘价为 1,365.02 美元，10 月 7 日的日均交易量约为 7.08 亿美元。

The new prospectus contains extensive disclosures about Zcash's online privacy technology and its 2026 Orchard security incident. A researcher at Shielded Labs discovered a vulnerability in May that could theoretically create a fake ZEC within Orchard's shielded pool. Developers made an emergency upgrade in early June. Although Zcash developers said there was no evidence that the vulnerability was being exploited, the ETF prospectus warned that Zcash's privacy design prevented decisive cryptographic decisions from being made. Subsequent Ironwood upgrades restricted deposits and internal transfers to Orchard and introduced alternative shielded pools.

Remaining steps before listing

Form S-1 filed on October 6 initiated the registration process, but did not immediately allow WINK to start selling shares. Several parts of the preliminary document remain incomplete, pricing benchmarks and benchmark providers have not yet been named, and fields such as administrator, transfer agent, cash custodian, basket size and seed stock trading remain blank. The prospectus said the shares are expected to be traded on Nasdaq under the WINK symbol before a public offering can begin "pending notice." No release date appears in the document, and the sponsor can modify the registration statement during the SEC review process.