21Shares lists Europe's first Zcash ETP, adds Ether.fi product on Euronext
Key Takeaways
- •21Shares has listed Europe's first exchange-traded product tied to Zcash, with the physically backed instrument trading on Euronext Paris and Amsterdam.
- •Alongside the Zcash launch, the firm introduced a physically backed ETP tracking ETHFI, the governance and utility token of DeFi protocol Ether.fi.
- •Both new products carry a 2.5% annual management fee, well above what many Bitcoin and Ether investment products charge in Europe.
- •The European debut follows Grayscale's Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH, underscoring growing institutional interest in the privacy coin.
- •Zcash has recently surged past $1,500, gaining nearly 1,100% over the past year, while some exchanges have restricted privacy coins in the EU under the MiCA framework.
European asset manager 21Shares, one of Europe's largest issuers of crypto exchange-traded products, has listed Europe's first exchange-traded product (ETP) tied to Zcash (ZEC), extending the privacy coin's reach into regulated markets after a year of standout performance.
On Tuesday, the firm's physically backed Zcash ETP began trading on Euronext Paris and Amsterdam, allowing investors to gain exposure to ZEC through standard brokerage accounts without holding the cryptocurrency directly. Physically backed products hold the underlying cryptocurrency in reserve, as opposed to synthetic exposure through derivatives.
21Shares also introduced a physically backed ETP tracking ETHFI, the governance and utility token of Ether.fi, a decentralized finance protocol offering staking, restaking and other crypto-based financial services. The ETHFI product trades on the same Euronext venues.
Both products carry an annual management fee of 2.5%, well above the fees charged by many Bitcoin and Ether investment products in Europe.
The Zcash listing follows the arrival of the Grayscale Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH. Together, the US and European offerings point to growing institutional interest in the privacy coin. The European debut is also notable because regulatory scrutiny of privacy assets has intensified across the region: the EU's Markets in Crypto-Assets (MiCA) framework, some exchanges have restricted privacy coins for users in the bloc.
Zcash rally puts Bitcoin comparisons back in focus
The launches come after Zcash emerged as one of the crypto market's standout performers, recently surging past $1,500 and gaining nearly 1,100% over the past year, according to CoinMarketCap data.
The rally has renewed attention on Zcash's potential as a Bitcoin (BTC) alternative. Zach Pandl, head of research at Grayscale, has argued that Zcash could benefit from “second-mover advantages” that may help it overcome Bitcoin's entrenched network effects — something earlier alternatives such as Litecoin (LTC) have struggled to do.
Interest in Zcash has also reached the mining sector. Fortitude Digital Mining told Cointelegraph that it mined about 28% of all ZEC produced in the first half of 2026, reflecting the scale of its operations on the network. The company said its focus on Zcash rests on the coin's proof-of-work model, capped supply and privacy features.
Related: Dragonfly's Qureshi calls for end to Zcash dev fund after 2028
Related: Zcash's Ironwood upgrade faces possible delay over infrastructure readiness
Source: Cointelegraph
