Grayscale‘s Zcash ETF lost $218 million in assets in under two weeks. On October 6, Winklevoss Asset Services filed for a rival fund charging 0.25% a year, one-tenth of Grayscale’s fee.
Zcash (ZEC) is a cryptocurrency that lets users hide who sent a payment and how much. Grayscales ZCSH is currently the only ETF holding it.
How Grayscales Zcash ETF Lost $200 Million
ZCSH held $1 billion on September 24. By October 5, that figure stood at $781.96 million. Withdrawals explain about $97 million of the drop.
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Cumulative net inflows fell from $306.12 million to $209 million over the same stretch. The rest reflects ZECs lower price.
Grayscale Zcash ETF Flows. Source: SoSoValue
Investors pulled money in four of the funds last five sessions. Between September 30 and October 2, outflows ranged from $27 million to $30 million each day.
BeInCrypto reported last week 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.
What the 10x Cheaper Winklevoss Zcash ETF Proposes
On a $10,000 holding, the Winklevoss fund would cost $25 a year. ZCSH costs $250. The preliminary filing names Nasdaq as the venue and WINK as the 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 crypto custodian founded by Cameron and Tyler Winklevoss, would hold the funds ZEC. The filing calls Gemini an affiliate of the sponsor and lists that link as a conflict of interest.
Winklevoss Capital Fund has signaled interest in buying up to $100 million of shares. However, the filing states that interest is not binding.
The sponsor itself was formed on October 1. According to the document, it has no prior experience running a pooled investment fund.
WINK cannot trade until the SEC declares the registration effective. Nasdaq must separately clear the listing, and the filing still leaves the price benchmark, seed amount, and trading partners blank.