Winklevoss Twins File for Zcash ETF After 13 Years of Bitcoin ETF Bid

The proposed fund would be a spot Zcash ETF, meaning it would hold actual $ZEC instead of futures or other derivatives. The fund would use a cash creation and redemption model, where authorized participants provide dollars, and the fund uses that money to buy $ZEC.

The new filing also connects to the twins long history in the crypto ETF market. In July 2013, Cameron and Tyler Winklevoss filed one of the first proposals for a spot Bitcoin ETF.

The timing also comes after Grayscale’s Zcash ETF, which the reference says has surpassed $900 million in assets under management since its launch.

Winklevoss-Backed Treasury Holds Large $ZEC Position

The twins’ interest in Zcash also extends beyond the proposed ETF. Their publicly traded digital asset treasury firm, Cypherpunk Technologies, has accumulated more than 290,062 $ZEC, worth roughly $152 million based on the reference.

That represents about 1.76% of Zcash’s circulating supply. The company has also set a longer-term goal of holding at least 5% of the total supply.

The twins have further strengthened their connection to the project by bringing Zooko Wilcox, Zcash’s founder, in as a strategic adviser.

$ZEC Surges Above $1,350 After Filing

The new spot ETF filing has added to the strong buying interest in $ZEC, which has already been one of the best-performing crypto assets this year.

The token is trading near $1,350 after a strong recovery from its summer decline. Demand has also grown as some traders look to Zcash for more privacy compared with Bitcoin.