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Following
ZEC Winklevoss spot Zcash ETF application sparks controversy: battle between physical delivery and cash settlement
Both TronWeekly and crypto.news reported Winklevoss's spot Zcash ETF application, but the two descriptions are diametrically opposed in terms of whether Authorized Participants (APs) directly deliver ZEC tokens or only use cash.
Core details of consensus
Despite differences on settlement methods, all sources confirmed the following facts:
- SEC filing: Winklevoss Asset Services has submitted an application for a spot Zcash ETF with the U.S. Securities and Exchange Commission (SEC).
- Fund structure: The fund will hold ZEC tokens directly and seek to list on the Nasdaq under the ticker symbol WINK.
- Custody Services: Gemini Trust Company will serve as custodian of the fund's ZEC assets.
- Ecological collaboration: Cypherpunk Technologies is mentioned in the document, which plays a role in Zcash network/ecosystem-related roles.
- Investment Strategy: The fund will not use futures, derivatives or leverage to track the price performance of ZEC.
- Market Price: At the time of application submission, ZEC was trading at approximately US$1,300.
Main divergence points in the report
Can authorized participants use ZEC for physical delivery during subscription and redemption?
The following are the two media's different interpretations of this key mechanism:
TronWeekly's View
Authorizes participants to use cash when purchasing and redemying shares.
Crypto.news's perspective
The ETF can use ZEC or cash to process subscriptions and redemptions. If authorized participants make the purchase using an "in-kind" method, they will deposit the ZEC directly into the trust's escrow account; if the order is a cash order, the fund will be required to arrange the purchase through the counterparty.
Final ruling is based on
The S-1 registration statement filed with the SEC by Winklevoss Asset Management will be the final document to determine this dispute.
Analytical recommendations
Given that both reports confirm core filing details-including Gemini custody, WINK codes, Nasdaq listings and Cypherpunk participation-investors can regard these as a given fact. However, before directly reviewing the underlying S-1 filings, do not assume that you have a clear understanding of whether ZEC can be delivered in physical form during subscriptions and redemptions.
Update information
October 8, 2026 00:05 UTC
Crypto Daily 确认拟议的纳斯达克股票代码为 WINK，这与早期报道一致，但并未解决申购/赎回方式的争议。The Cryptonomist 补充称，该备案提议的管理费约为 Grayscale 现有 Zcash 产品的十分之一，这是此前未报道的细节，但其同样未澄清授权参与者是否可以实物交付 ZEC 或使用现金。
