Winklevoss Files for a Zcash ETF One-Tenth the Cost of Grayscale's

Within less than a fortnight, the Grayscale Zcash ETF saw $218 million in assets vanish. On October 6, Winklevoss Asset Services submitted a filing for a competing fund with an annual fee of 0.25%, equal to a tenth of what Grayscale charges.

ZEC, the cryptocurrency tied to Zcash, enables users to conceal the sender and amount of payments. At present, Grayscale’s ZCSH is the sole exchange-traded fund that holds it.

How the Grayscale Zcash ETF Shed $200 Million

On September 24, ZCSH had $1 billion in assets. By October 5, that amount had declined to $781.96 million. Roughly $97 million of that decrease is attributable to withdrawals.

Over that period, cumulative net inflows dropped from $306.12 million to $209 million. The remaining decline came from a fall in ZEC’s price.

For four of the fund’s most recent five trading sessions, investors withdrew capital. Daily outflows between September 30 and October 2 varied from $27 million to $30 million.

Last week, BeInCrypto reported that the fund posted its first weekly outflow since launch, at $93.6 million. Meanwhile, the ZEC price today sits near $1,342, up 4.8% in 24 hours.

Details of the 10x Cheaper Winklevoss Zcash ETF

For a $10,000 investment, the Winklevoss fund would charge $25 annually, compared to $250 for ZCSH. Nasdaq is named as the trading venue in the preliminary filing, with WINK as the proposed ticker.

Winklevoss just filed for a Zcash ETF exactly 13yrs after dropping the first-ever filing for spot bitcoin ETF. Welcome back @tyler @cameron pic.twitter.com/6UFpTqt1Um

— Eric Balchunas (@EricBalchunas) October 6, 2026

Gemini Trust, the cryptocurrency custodian established by the Winklevoss twins, would be the custodian for the fund’s ZEC. The filing identifies Gemini as an affiliate of the sponsor and cites that relationship as a conflict of interest.

Winklevoss Capital Fund has indicated a potential interest in acquiring up to $100 million in shares. The filing, however, notes that this expression of interest is non-binding.

The sponsor entity was created on October 1. The document states that it has no prior track record in managing a pooled investment vehicle.

Trading in WINK cannot begin until the SEC deems the registration effective. Nasdaq also needs to approve the listing separately, and the filing currently leaves the price benchmark, seed amount, and trading partners unspecified.