Billionaire Winklevoss Brothers File Spot ETF Application for a Surprise Altcoin

Winklevoss Asset Services, controlled by the Winklevoss twins, has filed an S-1 registration application with the U. S. Securities and Exchange Commission (SEC) for a spot Zcash exchange-traded product.

According to the application, the product is planned to be listed on Nasdaq under the ticker symbol “WINK”. The Winklevoss Zcash ETF will directly hold ZEC, the native token of Zcash, offering investors exposure to price movements in ZEC after deducting the fund’s operating expenses and other liabilities. The fund’s net asset value will be calculated based on the daily price reference.

The application also stated that Gemini Trust Company would act as the custodian of ZEC assets. A sponsorship fee of 0. 25% per annum is planned for the fund, while ordinary operating expenses will be covered by the sponsor.

Related News: Binance-Listed Altcoin Soared 33 Percent Today: Here's What's Behind the Rally On the other hand, Winklevoss Capital Fund and related parties have indicated their intention to purchase up to $100 million worth of fund shares during the initial issuance or on the secondary market. However, it was added that this expression of interest does not constitute a binding purchase commitment. If the application is approved by the SEC, the product will allow investors to access the price of Zcash through a regulated market without needing to directly buy and hold ZEC.

*This is not investment advice. Continue Reading: Billionaire Winklevoss Brothers File Spot ETF Application for a Surprise Altcoin