Key Insights
- 21Shares Zcash ETP gives European investors regulated brokerage access to ZEC without directly holding the cryptocurrency.
- Zcash has gained nearly 1,100% over the past year, while its price recently moved above $1,500.
- The launch comes in the wake of Grayscale’s U.S. Zcash ETF, and as more privacy-focused crypto assets gain ETF-listing access.
21Shares Zcash ETP has launched on Euronext Paris and Amsterdam, giving European brokerage investors access to ZEC without direct crypto custody. The physically backed product arrived alongside an ether.fi ETP, as Zcash extends its reach into regulated investment markets following a sharp rise in value.
21Shares listed both products on September 22, with each carrying a 2.5% annual management fee. The Zcash product trades under ZCASH, while the ether.fi product tracks ETHFI, the governance and utility token of the decentralized finance protocol. The listings create new brokerage-based routes for investors seeking digital asset exposure through exchange-traded securities.
Zcash and ETHFI products enter Euronext
The 21Shares Zcash ETP holds ZEC through an institutional custody structure rather than giving investors direct ownership. Investors can gain price exposure through eligible brokerage accounts without managing wallets or private keys.
The product uses ISIN CH1608218801, and current documentation names BitGo as the custody provider. The structure keeps ZEC within the product.
The accompanying ETHFI product provides exposure to ether.fi’s governance and utility token. Ether.fi began as a liquid restaking protocol and later expanded into borrowing, swaps, payments and card services. 21Shares said ether.fi had about $4.9 billion in protocol assets during September, based on DeFiLlama data.
Both products trade in euros in Paris and U.S. dollars in Amsterdam. Each started with 5,000 securities outstanding and reported initial assets near $100,000. Their 2.5% annual fees remain higher than many European Bitcoin and Ether investment products.
Zcash rally boosts market attention
The European version comes after Grayscales Zcash ETF in the United States started trading on NYSE Arca under the symbol ZCSH on August 25. This fund gives access to ZEC through an ETF listed in the United States while the European version uses an ETP structure.
Zcash has caught the interest following the rally above $1,500 and almost 1100% in the previous year. As of September 23, CoinGecko data indicated that ZEC was trading above $1,500 with its market cap being around $25 billion as of a snapshot.
Grayscale lead researcher Zach Pandl has suggested that Zcash has a chance for a second coming. Zcash founder said that the role could help the cryptocurrency overcome Bitcoins’ network effects. The comparison has sparked a re-engagement with cryptocurrencies that prioritize privacy above all else and their relevance to Bitcoin.
Mining has also brought the network to the attention of many. Fortitude Digital Mining shared with Cointelegraph that it will have mined 28% of ZEC output in the first half of 2026.The company mentioned Zcashs proof-of-work system, limited supply and privacy features as reasons, for their approach.
Effects of the market
The launch gives European investors a regulated way to gain ZEC exposure through traditional brokerage accounts. Investors do not need to purchase the cryptocurrency directly or manage private keys. The availability of the product on Euronext Paris and Amsterdam also expands the regulated investment options available for Zcash.
This follows ZEC reaching a price of over USD 1,500, and increasing by almost 1,100% in the last year. It is also in the wake of Grayscale’s introduction of U.S. listed Zcash ETF. The annual fee, though, is relatively high compared to many bitcoin and ether products in the European market, which might affect investors’ comparison of various investment vehicles.
The listing can also raise the profile of cryptocurrencies with a greater focus on privacy in regulated markets. The Zcash is shielded by the zero knowledge cryptography and has a maximum of 21 million coins. Fortitude Digital Mining has also caught the eye of mining companies with these features.
Conclusion
The 21Shares Zcash ETP brings regulated trading of ZEC to two leading Euronext exchanges. The launch provides another option for eligible investors to access Zcash without having to actively participate in the cryptocurrency or custody it.
The product also comes in a time when the Zcash market is very interested. The asset has come under attention and its possible part in the wider crypto market due to its price rise over the last few years, as well as the introduction of Grayscale’s U.S. ETF.
At the same time, 21Shares has introduced an ETP tracking ETHFI, giving European investors another route into a DeFi-related digital asset. Both products show how crypto exposure continues to enter traditional exchange infrastructure across major financial markets.
