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ZEC Winklevoss Asset Services files preliminary registration documents for Zcash ETF
On October 6, Winklevoss Asset Services filed preliminary Form S-1 registration documents with the U.S. Securities and Exchange Commission (SEC) regarding the proposed "Winklevoss Zcash ETF." The fund will hold ZEC tokens directly and is expected to be listed on Nasdaq under the code "WINK". However, the fund cannot start trading unless its registration is effective and the exchange approves listing.
Zcash ETF Preliminary filings Details
According to preliminary filings filed by the SEC, the proposed exchange-traded fund (ETF) is intended to provide direct exposure to Zcash ZEC tokens rather than indirect exposure through derivatives. Winkleworth Asset Services is advancing this listing tool with the proposed Nasdaq trading symbol WINK.
The document is still in its preliminary stage. The proposed fund is not yet open to investors and still needs to wait for the registration to take effect and the exchange approval listing process to be completed.
Gemini Custody and Proposed Fees
According to The Block, the Gemini Trust Company, as a promoter related party, will be responsible for custody of the fund's ZEC positions. The proposed annual promoter management fee rate is 0.25%. Although the terms describe the expected operating structure, the ETF is still in the proposal stage and has not yet entered the actual operating stage.
Related parties may subscribe for shares of up to US$100 million
The Block reported that Winklevoss Capital Fund has expressed non-binding intention to buy up to $100 million in shares of the proposed fund. It should be noted that this intention does not constitute a commitment to complete the purchase.
Prerequisites for WINK to start trading
Before WINK can start trading, two key conditions must be met: first, the registration statement must be formally effective; and second, Nasdaq must approve the proposed listing application. Neither the preliminary S-1 submission nor the share subscription intention shown by the affiliated fund constitute the basis for issuance approval.
