Winklevoss Files for Spot Zcash ETF With U.S. SEC, Eyes Nasdaq Listing
Highlights
- Winklevoss Asset Services filed for a spot Zcash ETF that would directly hold ZEC tokens.
- The proposed Zcash ETF would trade on Nasdaq under WINK, with Gemini providing asset custody.
- ZEC trades above $1,376 as traders focus on the NU7 mainnet decision scheduled Oct. 20.
Winklevoss Asset Services has filed for a spot Zcash ETF with the U.S. SEC, seeking approval to list a fund holding ZEC directly on the Nasdaq exchange under WINK.
Winklevoss Spot Zcash ETF Targets Nasdaq
Winklevoss Asset Services filed an S-1 registration statement with the U.S. SEC on Oct. 6. The proposed Winklevoss Zcash ETF would hold ZEC directly rather than use futures or other derivatives.
If the fund is authorized to go public, it would be traded on Nasdaq under the symbol WINK. The ZEC backing the shares of the ETF would be held by Gemini Trust Company as custodian.
The Filing describes a model of cash creation and redemption by authorized participants. In this type of set-up, cash would be contributed by the participants upon the formation of new ETF shares. They too would be paid cash on redemption of shares rather than accepting ZEC.
Winklevoss Asset Services would then make ZEC purchases to facilitate additional shares creation. The design enables participants to be able to transact with the fund without the actual transfer of the cryptocurrency.
Meanwhile, the filing mentions Cypherpunk Technologies as a partner for the Zcash network services. The ETF still requires regulatory clearance before it can begin trading on Nasdaq.
Zcash Price Gains Ahead of NU7 Mainnet Decision
Zcash rose over 5% in the past 24 hours and is currently trading at slightly more than $1,376. At the same time, the general crypto market increased by nearly 1% during the same time frame.
ZEC first rallied from the 1,290 to 1,300 area and then began to move up to $1,350. After pulling back in the $1,320 range, buyers extended the rally to $1,380.
However, resistance remains around 1,375 to 1,380 after several failed attempts to hold above that range. The immediate support zone is at $1,355 to $1,360, and a support zone is located around $1,340 to $1,345.
A sustained move above $1,380 would clear the recent resistance range. Conversely, losing $1,355 could shift attention toward support near $1,340.
Zcash traders are also focusing on the upcoming NU7 network upgrade. A decision on the NU7 mainnet activation is scheduled for Oct. 20, providing another date for the market to watch.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
