21Shares Launches Europe’s First Zcash ETP on Euronext
21Shares has launched a physically backed Zcash exchange-traded product on Euronext Paris and Euronext Amsterdam, giving European investors regulated access to ZEC without directly holding the cryptocurrency. The product, listed under the ticker ZCASH, began trading on September 21, 2026, according to 21Shares.
The launch makes Zcash the latest privacy-focused cryptocurrency to gain access through a traditional investment vehicle in Europe. Alongside the Zcash product, 21Shares also launched a physically backed ETP tracking ether.fi’s ETHFI token, giving both assets exposure through conventional brokerage accounts rather than requiring investors to manage wallets or private keys.
21Shares Brings Zcash to European Exchanges
The Zcash ETP is physically backed, meaning the product holds the underlying ZEC through institutional custody arrangements. 21Shares lists Coinbase Custody, Zodia Custody, Anchorage Digital Bank, BitGo Bank and Trust and BitGo Europe among the custodians that may be used for the product, while its key information page lists BitGo as the custody provider.
The product carries an annual fee of 2.5%. Its ISIN is CH1608218801, while its universal ticker is ZCASH. At launch, 21Shares reported 5,000 securities outstanding and a net asset value of $20.04 per unit, with assets under management of about $100,212 at the time of the latest product data.
For investors, the main difference is the custody model. Buying ZEC directly requires access to a cryptocurrency exchange or another wallet solution, while the ETP can be bought through a standard brokerage account. Investors therefore gain price exposure without having to manage seed phrases, private keys or direct Zcash custody.
Related: ZEC Gains 32% as Zcash ETF Plans 3-for-1 Share Split
21Shares is positioning the product around one of Zcash’s defining characteristics: optional transaction privacy. Zcash uses a monetary design derived from Bitcoin’s architecture, including a maximum supply of 21 million coins, while its shielded transaction technology allows users to conceal transaction details under supported conditions.
The European launch also highlights the difference between an ETP and an ETF. 21Shares notes that European regulations generally prevent standard fund structures from offering single-asset crypto exposure in the same way as a conventional ETF, which is why products such as ZCASH are structured as exchange-traded products.
That distinction is important because the new product should not be described as a European Zcash ETF. It is an ETP that provides physically backed exposure to ZEC and trades on regulated European exchanges. The investment experience can resemble an ETF for investors, but the underlying legal structure is different.
Zcash Gains Another Institutional Access Point
The European debut comes after Zcash gained access to the U.S. market through a spot ETF launched by Grayscale on NYSE Arca. The two developments give investors in different regions additional routes to obtain regulated market exposure to ZEC without taking direct custody of the cryptocurrency.
For Zcash, exchange-traded products could broaden the pool of investors able to gain exposure to the asset. Traditional brokerage infrastructure removes several operational barriers associated with cryptocurrency ownership, although investors remain exposed to ZEC’s market price and the costs and risks associated with the ETP structure.
The launch also arrives as privacy-focused assets receive renewed attention from parts of the digital-asset market. Zcash differs from Bitcoin primarily through its optional privacy functionality, allowing transactions to be transparent or shielded depending on the features and addresses used. That design has made privacy one of the project’s central investment narratives.
Related: CASH to Launch as ZRC-20 Token on Zcash With 18,900-Transaction Fair Launch
The second 21Shares product launched alongside ZCASH tracks ether.fi’s governance token, ETHFI. Like the Zcash product, the ETHFI ETP is physically backed and carries a 2.5% annual product fee, providing exposure through a standard investment account. 21Shares reported an initial NAV of $19.92 and approximately $99,612 in assets for the ETHFI product in its latest product data.
The simultaneous launches show how European crypto investment products are expanding beyond Bitcoin and Ethereum into more specialized assets. Zcash represents privacy-focused digital money, while ETHFI provides exposure to an Ethereum-based decentralized finance ecosystem. Both products package direct token exposure into a format familiar to traditional-market investors.
For ZEC holders and the wider Zcash community, the ETP does not change the underlying network or its monetary policy. What changes is the access route for investors. Instead of buying ZEC directly, investors can now obtain exposure through a listed security whose underlying assets are held by professional custodians.
The immediate size of the new product remains modest, with 21Shares reporting roughly $100,000 in assets at the latest update. Its longer-term significance will depend on investor demand, trading liquidity, asset growth and whether additional European financial institutions incorporate Zcash exposure into their investment products.
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