Tuttle files 2x ETFs on Cypherpunk and a Zcash fund that both lead back to Winklevoss

On Oct. 21, ETF Opportunities Trust filed to register two funds that Tuttle Capital Management would advise. One would seek twice the daily move of Cypherpunk Technologies. The other would seek twice the daily move of a Zcash fund that has not launched. Both run through Cameron and Tyler Winklevoss, the co-founders of Winklevoss Capital Management.

The trust is the filer. Tuttle Capital, based in Riverside, Connecticut, would be the adviser. With REX Shares it already advises T-REX, a lineup that includes funds seeking 200% or -200% of one stock's daily move.

The registration elects to become effective 75 days after the filing, on Jan. 4, 2027. No tickers are assigned, the prospectus may still be changed, and the shares may not be sold before it is effective.

The stock and the fund trace to the same people

Cypherpunk, which trades on Nasdaq as CYPH, says in its quarterly report for the period ended June 30, 2026, that it is a privacy technology company with a treasury strategy anchored by Zcash. The report describes Zcash as a digital currency that can encrypt the sender, the recipient, and the amount of a transaction. The company was Leap Therapeutics until Nov. 12, 2025.

That report says Winklevoss Capital beneficially owns 19.9% of the common stock, not counting certain warrants from an October 2025 placement. On Aug. 18 the company said Winklevoss Capital had sold it a Zcash mining fleet in a $33.33 million deal, paid with a warrant for Cypherpunk stock. A Form 4 for that deal, filed Aug. 19, identifies Cameron and Tyler Winklevoss as the co-founders and managers of Winklevoss Capital Management.

The second fund would seek twice the daily move of the Winklevoss Zcash ETF, sponsored by Winklevoss Asset Services, the proposed fund that would use the ticker WINK. Its Form S-1, filed Oct. 6, is a registration, not a launch. The S-1 says the fund would hold Zcash and is seeking a Nasdaq listing. Cameron Winklevoss signed as chief executive of the sponsor. The S-1 names Cypherpunk as the fund's "Zcash Ecosystem Partner," for services related to the Zcash network, including help with coinholder voting.

Tuttle's prospectus says there is no guarantee that WINK will commence operations, attract enough assets, or continue to operate. Each proposed fund may substitute a different ETF, index, or security for its underlying.

The Tuttle Capital 2X Long CYPH Daily Target ETF would seek, before fees and expenses, 200% of CYPH's daily performance. The Tuttle Capital 2X Long WINK Daily Target ETF would seek the same daily result from WINK. Each lists a management fee of 1.50%.

A drop of more than half in a day takes the fund

The CYPH prospectus says an investor could lose the full value of the investment within a single day if CYPH falls by more than 50%. The fund is built to double that day's move, so that is the drop at which the filing says the investment is gone.

The stock the warning is written against closed Oct. 21 at $3.33, up 18.5% on the day, still short of the one-day drop that would wipe the fund out. Over the 52 weeks through that close it traded from 39 cents to $4.19. At that close the company was worth $359 million.

The filing does not change a fund an investor already holds.