A proposed Zcash exchange-traded fund backed by the Winklevoss brothers has been filed with the U.S. Securities and Exchange Commission for a Nasdaq listing, with Gemini Trust as custodian and Winklevoss Capital affiliates considering an investment of up to $100 million.
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A proposed exchange-traded fund backed by the Winklevoss brothers has been filed with the U.S. Securities and Exchange Commission for a listing on Nasdaq, according to a Cointelegraph report dated October 6, 2026. The fund would hold Zcash (ZEC) directly rather than through derivatives or a trust structure. Gemini Trust would act as custodian for the underlying tokens, and affiliates of Winklevoss Capital are considering an investment of up to $100 million in the product. The filing is a proposal and does not guarantee that the ETF will be approved or launched.
Zcash, launched in 2016 as a fork of Bitcoin, is a privacy-focused cryptocurrency that uses zero-knowledge proofs, known as zk-SNARKs, to allow shielded transactions. Unlike Bitcoin, where all transaction details are public, Zcash offers users the option to conceal sender, receiver, and amount. This privacy feature has drawn regulatory scrutiny in several jurisdictions, and some exchanges have delisted privacy coins in recent years. The proposed ETF would therefore give traditional brokerage investors exposure to an asset that has often been difficult to access through regulated channels.
Gemini Trust, a New York-regulated trust company founded by Cameron and Tyler Winklevoss, would serve as the custodian for the ETF's ZEC holdings. Custodians in spot crypto ETFs are responsible for safeguarding the underlying assets, which distinguishes these funds from futures-based products. The potential $100 million investment from Winklevoss Capital affiliates suggests a degree of alignment between the fund's sponsors and its backers. However, such a commitment is contingent on the ETF being approved and launched, and it does not guarantee the fund's performance.
The SEC's review of a spot crypto ETF typically involves both a 19b-4 rule change filing by the exchange and an S-1 registration statement from the issuer. The regulator may extend its review, request additional information, or reject the proposal. Since approving spot Bitcoin and Ethereum ETFs in 2024, the SEC has evaluated a growing number of filings for other cryptocurrencies, with decisions varying by asset. Approval of this Zcash ETF would create a regulated, Nasdaq-listed vehicle for ZEC exposure, but the timeline and outcome remain uncertain.
A spot Zcash ETF would be an exchange-traded fund that holds actual ZEC tokens, rather than futures contracts or shares of a trust. If approved, its shares would trade on a stock exchange like Nasdaq, allowing investors to gain exposure to Zcash through traditional brokerage accounts. The proposed fund in this filing would use Gemini Trust as its custodian.
Gemini Trust, a New York-regulated trust company, would serve as custodian, according to the filing summary. The custodian is responsible for holding and safeguarding the fund's ZEC tokens. This arrangement is similar to other spot crypto ETFs, where a regulated third party holds the underlying assets.
Affiliates of Winklevoss Capital are eyeing an investment of up to $100 million in the proposed ETF, according to the report. This is a potential commitment and not a completed transaction. The actual amount invested would likely depend on the ETF receiving regulatory approval and launching.
Zcash is a cryptocurrency launched in 2016 as a fork of Bitcoin, designed with privacy features. It uses zero-knowledge proofs called zk-SNARKs to allow users to shield transaction details. ZEC is the native token of the network.
Filing Details: A Spot Zcash ETF Proposed for Nasdaq
Zcash and the Privacy-Coin Landscape
The Role of Gemini and the Winklevoss Investment
Regulatory Path and What Approval Would Mean
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As of the filing date, the proposal is under review and has not been approved. The SEC typically takes months to evaluate such filings, and it can reject or delay them. There is no guarantee that the ETF will eventually list on Nasdaq.
It represents another attempt to bring a privacy-focused cryptocurrency into a regulated ETF structure. Zcash has faced delisting from some exchanges due to regulatory concerns, so a Nasdaq-listed ETF would offer a different access route. The involvement of Gemini and the Winklevoss brothers adds a recognizable name to the effort.
