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Winklevoss filed a Zcash spot ETF application on Nasdaq with the ticker symbol WINK

2026-10-07 18:13:41

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Spot Zcash ETF 运作机制解析

Winklevoss Asset Services has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Zcash ETF that directly holds ZEC and seeks a listing on the Nasdaq Stock Exchange under the ticker symbol WINK. The application is submitted through the S-1 Registration Statement. Under the proposed structure, Gemini Trust Company will serve as the custodian of the fund and be responsible for the custody of ZEC assets that support the ETF shares. Authorized Participants will only use cash rather than ZEC to create and redeem fund shares. Winklevoss Asset Services will then use the cash to conduct transactions based on the fund's needs to obtain ZEC. This arrangement allows funds to track token prices directly and does not use futures or other derivatives. In addition, the application document also mentions Cypherpunk Technologies as a service provider related to the Zcash network. Its role is independent of Gemini's trusteeship responsibilities. It should be pointed out that the registration statement does not mean that the fund can start trading immediately, and the product still needs to be approved by the SEC before it can be listed. Cypherpunk Technologies has previously established a relationship with Zcash. In August this year, the Nasdaq-listed company announced the purchase of a $33.33 million set of Zcash mining equipment and related hosting services. The deal was reached by a company associated with Winklevoss Capital, and the Bitmain Z15 Pro machines were deployed in facilities in the United States. Cypherpunk estimates that these devices account for approximately 18% of Zcash's network computing power, and its estimated monthly production is approximately 7800 ZECs, depending on mining difficulty and competition. The payment was made through pre-funded warrants involving 43,290,042 ordinary shares. The valuation per share is $0.77 and the exercise price is $0.001.

ZEC price trend and NU7 upgrade outlook

was boosted by this news. ZEC prices rose by more than 5% within 24 hours after the application was submitted. According to CoinMarketCap data, they once exceeded the US$1375 mark. During the same period, the broader cryptocurrency market gained nearly 1%. Specifically, the price of the token climbed from approximately US$1290 to US$1350, then pulled back to approximately US$1320, and then rose again to around US$1380. Market data shows that resistance is in the range of $1375 to $1380; support is in the range of $1355 to $1360, and the lower support below is around $1340 to $1345. At the same time, the much-watched NU7 upgrade proposal plans to shorten the target block time from 75 seconds to 25 seconds. As block rewards will also be reduced accordingly, the daily ZEC circulation will remain unchanged. The upgrade will also disable version 4 transactions upon activation, preventing further disbursement of funds from older versions of Sprout pools, as version 5 transactions cannot perform such operations. The Zcash team is scheduled to decide on October 20 on the activation level of NU7 on the main network. The launch plan originally scheduled for November 5 will depend on the results of TestNet's review.

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