21Shares has launched what it describes as Europe's first exchange-traded product (ETP) offering exposure to Zcash, with listings on Euronext Paris and Euronext Amsterdam — two venues operated by Euronext, the pan-European exchange group that runs regulated markets across several European countries. The debut widens the range of cryptocurrency investment products accessible through regulated European exchanges.

The product trades under the ticker ZCASH and carries an annual management fee of 2.5%. It provides investors with an exchange-traded route to gain exposure to Zcash's native cryptocurrency, ZEC, without requiring direct ownership of the digital asset.

Through the listing, European investors can obtain physically backed, exchange-traded exposure to ZEC via an investment product traded on established stock exchanges rather than held in a cryptocurrency wallet.

21Shares, which operates a broad lineup of cryptocurrency ETPs, has positioned the Zcash product as another step toward making digital assets accessible through traditional investment infrastructure. The company has developed products covering a variety of cryptocurrencies and blockchain-related assets, allowing investors to obtain market exposure through conventional brokerage accounts.

Zcash's focus on transaction privacy

Zcash, which launched in 2016, was developed using a monetary model influenced by Bitcoin, including a fixed maximum supply of 21 million coins. Its distinguishing feature is the use of zero-knowledge-proof cryptography, a branch of cryptography that allows transactions to be shielded, giving users greater control over how transaction information is disclosed.

Unlike Bitcoin, where transaction details are generally visible on the public blockchain, Zcash provides optional privacy features. Depending on how the network is used, transaction information can be protected through cryptographic mechanisms designed to conceal certain details while maintaining the ability to verify transactions. The technology is intended to give users greater flexibility over transaction transparency.

This privacy-oriented architecture has remained one of Zcash's defining characteristics as the broader cryptocurrency industry has expanded its focus on financial privacy, digital identity, and blockchain-based settlement. Privacy-oriented assets, often grouped under the "privacy coin" label, have at times drawn regulatory attention in various jurisdictions, a dynamic that has kept questions about where such assets can be accessed through regulated market infrastructure part of the wider debate around digital-asset markets.

The Zcash ETP combines the cryptocurrency's privacy-oriented blockchain architecture with an exchange-traded structure, potentially reducing some of the technical barriers associated with direct digital-asset ownership.

ETP structure removes direct wallet requirements

The ZCASH product is designed to provide exposure to ZEC without requiring investors to establish or manage a cryptocurrency wallet. Investors do not need to maintain seed phrases or handle the private-key infrastructure normally associated with self-custody.

Disclaimer: This document is advertisement and not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU)… — 21shares (@21shares) September 22, 2026

https://x.com/21shares/status/2102303019287130122?ref_src=twsrc%5Etfw

Instead, the ETP uses a conventional exchange-traded structure, allowing eligible investors to gain exposure to ZEC through the securities market. This approach can be particularly relevant for investors who already use traditional brokerage platforms and prefer not to manage digital assets directly.

The physically backed structure is intended to link the ETP's exposure to the underlying ZEC asset rather than relying solely on derivatives or synthetic price tracking. The 2.5% annual fee represents the ongoing cost associated with holding the product.

The Euronext listings also place Zcash within a regulated European market environment, potentially broadening access for investors who face operational or regulatory barriers when purchasing cryptocurrencies directly.

The listing extends the traditional financial-market infrastructure available for Zcash and gives investors a way to obtain ZEC exposure without directly managing wallets, seed phrases, or cryptocurrency custody.

The launch comes as cryptocurrency investment products continue to develop across European markets. ETPs have become an important bridge between digital assets and conventional financial markets, offering investors familiar trading mechanisms while providing exposure to cryptocurrencies, and European exchanges have in recent years hosted an expanding range of such products.

For Zcash, the Euronext listing represents an expansion of its availability within European investment channels and introduces its privacy-focused technology to investors through a conventional exchange-traded format. Further disclosures from 21Shares and trading data from the two Euronext venues may provide additional detail on how the new product develops.